Solana Likely To Target $200 ‘If It Holds Current Support’ – What To Expect

Solana (SOL) is currently trading at a crucial demand level near $163, following a retrace from local highs around $183. This price is a critical support area that could determine the direction of SOL’s upcoming price action. Losing this level could signal a deeper correction, which would intensify selling pressure and potentially push SOL to retest lower support levels.

However, top analyst Daan shared a technical analysis suggesting that if SOL can hold this “green zone” around $160, it could pave the way for a rebound. Daan notes that in the most optimistic scenario, SOL could hold this support and start a gradual climb, ultimately aiming to test the downtrend line that has kept it in check. This setup would keep SOL’s bullish structure intact, creating a potential entry point for investors eyeing a bounce.

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With the broader crypto market showing volatility and Solana facing this pivotal level, the next few days will be crucial. Traders and investors are closely watching to see if this demand zone can support a reversal, potentially leading SOL back toward recent highs.

Solana Holding Strong Despite Uncertainty

Solana (SOL) has managed to hold above the key support level around $160, despite the recent market volatility and uncertainty. This level is crucial for SOL’s price structure, as it’s a strong demand zone that could act as a foundation for the next upward move. 

Crypto analyst Daan recently shared his perspective on X, revealing that SOL’s “most bullish case” would be for it to hold this “green zone” around $160, allowing it to gradually grind back up toward the descending trendline that has capped recent gains.

In Daan’s view, the next attempt at this trendline could likely result in a successful breakout, with the potential to push SOL’s price above $200. He suggests that waiting for confirmation of this breakout could be a sound strategy for cautious investors, as there is still ample room for upside even after a confirmed reversal. His analysis highlights a confident outlook on SOL’s potential recovery, seeing this accumulation zone as a promising buying opportunity.

However, Daan also acknowledges that there’s still a degree of downside risk. If SOL fails to hold above this $160 level, a deeper correction could follow, potentially driving SOL to…