Crypto Updates

Solana Retest Key Support Level: Is $130 Or $200 Next?

Bittensor (TAO) To Lead The ‘AI Wave’: Analysts Are Bullish

Solana (SOL) has seen a 12% retrace from the Monday high, falling to a crucial zone in the last 24 hours. Some analysts remain bullish ahead of Trump’s inauguration, while others have warned that the cryptocurrency’s bullish momentum could be in danger if the current levels are lost.

Solana Holds Key Support Zone

Amid the market retrace, Solana has also lost its New Year highs, falling to its lowest price since the late December retrace. On Monday, SOL registered a 17.3% increase from its yearly opening after retesting the $220 mark.

However, its bullish momentum was halted after Bitcoin’s price dropped nearly 8% in 24 hours. After hovering between the $190-$199 prince zone, Solana fell below the zone’s lower range, dropping to its current low of $182 on Thursday.

In the last 24 hours, the cryptocurrency bounced above the $190 range before dipping to the $185 support zone again. A crypto investor pointed out that, despite the latest drop, Solana still holds the price target of $325, as it didn’t fall to the previous low of $175.

The investor suggested that “as the downtrend is sharp, the uptrend is likely to be sharp as well,” adding that a “V-shaped rebound is likely to occur. The target price may be reached faster than the time shown in that pattern.”

Trader Crypto General noted that SOL has tested the previous breakout level during the “much-needed correction.” Ahead of the post-election pump, the $180-$185 zone served as a key resistance level, which was later broken when Solana climbed above $200.

Moreover, this level was retested as support during the late December retraces, serving as a bounce zone for the cryptocurrency. Crypto General suggested that the following days will be “very bullish for the market,” citing Trump’s upcoming inauguration as a potential catalyst.

With Trump taking the oath, markets are expected to start a parabolic season, taking sol also along with them. My target is around $285.

Analyst Warns Of These Levels For SOL

Crypto analyst Ali Martinez warned investors about SOL’s current levels, stating that the cryptocurrency “must not break below $180.” A potential drop below this support zone could send Solana into a 20% to 30% decline.

Martinez stated that the $150 to $130 range, not seen since September and October, would become “a likely target.” Similarly, analyst Jelle recently stated it would be “Worth keeping an eye on SOL/BTC for the coming weeks.”

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