Solana (SOL) faces a critical moment as it retests major support levels amid broader crypto market weakness. The high-performing Layer-1 blockchain’s native token has dropped to $159, raising questions about its potential rally to $200. Recent market analysis shows SOL and XRP leading the current crypto decline, making this technical junction particularly significant.
Key Support Levels Under Pressure
SOL has retreated 11.6% weekly, breaking below several crucial support zones:
- Lost $164-$180 trading range
- Breached $160 support level first time since May 8
- Currently testing 22-day low at $156
Technical Analysis Points to Critical Juncture
Multiple analysts have weighed in on SOL’s current position:
- Crypto Bullet: Projects bearish outlook based on SOL/ETH pair breakdown below 0.069
- Rekt Capital: Emphasizes importance of maintaining Weekly Close within Range High resistance
- Support zone: $120-$135 identified as potential pullback target if current levels fail
Recovery Scenarios and Price Targets
For SOL to maintain its bullish trajectory toward $200, several key factors must align:
- Reclaim $180 resistance level
- Maintain price stability in current range
- Weekly closes above Range High resistance
- Build base similar to late 2024 pattern
FAQ
What caused Solana’s recent price drop?
The decline coincides with a broader crypto market pullback, with SOL following the general market trend and showing a 6% daily retracement.
What are the key levels to watch?
Critical support lies at $160, with $156 serving as immediate support. The $180 level remains key resistance for potential upside movement.
Can Solana still reach $200?
While the potential remains, price stability at current levels and successful retests of support zones are crucial for maintaining the bullish outlook.
