Solana Retests Critical Support Amid Market Pullback – $200 Rally In Danger? 📉
As the crypto market sees a temporary downturn, Solana (SOL) retests a critical support level, influencing its short-term performance. An analyst notes maintaining the current range over the weekend is crucial for a rally back to $200.
During this market pullback, Solana, like other major cryptocurrencies such as Bitcoin and Ethereum, shows a notable decline. SOL’s 6% daily retracement follows a broader trend, having recovered from a multi-month downtrend to a 14-month low of $95 in April.
Despite a strong recovery, Solana struggles to break the $180 resistance, reaching a 22-day low of $156 after losing the $164-$180 range and the $160 support zone. Trader Crypto Bullet offers a bearish outlook, suggesting underperformance for Solana, citing key technical breakdowns.
Analyst Rekt Capital focuses on Solana's need to stabilize around the Range High resistance for a long-term rally. He highlights that maintaining this stability is crucial for a breakout to $200+ levels, similar to the late 2024 pattern. Still, closing below the current price zone could lead to retesting the Range Low between $120-$135.
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