Solana Correction About To End? Analyst Forecasts $130 Retest Before Next Wave Up 📉
Amid geopolitical turmoil, Solana (SOL) has seen a 10% dip over the past week. Analysts suggest that while the correction is nearing its end, a drop below a critical support level might occur first. Many believe SOL could potentially retest the $130 mark before any significant upward movement.
The cryptocurrency recently retested the $168 resistance level but has since fallen to a crucial support level due to a recent market pullback. Despite a 15% retracement, SOL has been trading around the $140 mark, remaining within the $145-$180 range since its May breakout.
One market analyst, Lluciano, views this as a potential setup for significant growth, noting SOL ended its multi-month downtrend in March. If the current pattern breaks, SOL could challenge previous highs at $187, eventually seeking a $240 retest.
Other analysts project short-to-mid-term performances, with the possibility of SOL rising towards $165, $183, and $220 if confirmed. Despite this optimistic outlook, some suggest SOL may not outperform BTC over the long term.
Altcoin Sherpa foresees SOL continuing to underperform against BTC while possibly climbing against its USDT pair. As of now, Solana trades at $145, marking a 12.1% monthly decline.
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