Solana (SOL) is trading around a crucial demand level at $165, following a pullback from recent highs of $183. This level is pivotal for SOL, as losing it could trigger a deeper correction, putting the altcoin at risk of further downside.
However, prominent analyst Carl Runefelt has shared technical analysis indicating that Solana may be primed for a brief correction before staging a rally to retest local highs.
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Runefelt’s analysis highlights signs of renewed strength for SOL, suggesting that the altcoin is preparing for a move that could challenge recent highs within the next few days. This bullish setup depends heavily on Solana maintaining support at $165, which could act as a launchpad for further upward momentum.
As the crypto market closely watches Bitcoin’s bid for a new all-time high, Solana investors are bracing for potential volatility. In this uncertain landscape, Solana remains a focal point for investors who see an opportunity if support holds steady.
Solana Holding Key Demand Level
Solana (SOL) has emerged as one of the stronger-performing altcoins this cycle, drawing significant attention as it tests a key demand level that could drive it toward new highs. Prominent analyst and investor Carl Runefelt recently shared a technical analysis on X, indicating that SOL may briefly dip to around $160 before staging a push to retest its recent high at $180.
According to Runefelt, this $160 level represents a critical support zone for Solana, as holding above it is essential to sustain the altcoin’s bullish momentum and confirm its ongoing uptrend. Runefelt’s analysis emphasizes the importance of this support level in fueling Solana’s potential for gains, suggesting that it could serve as a springboard for a substantial rally.
If SOL successfully holds above $160, a surge to test local highs would not only reinforce confidence among investors but also set the stage for Solana to push into new territory if broader market conditions remain favorable.
The coming week could prove pivotal for SOL as the market braces for heightened volatility with the US election on the horizon (Nov 5) and Bitcoin nearing its all-time high.
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As investors monitor macro events and Bitcoin’s movements closely, Solana’s technical setup…
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