After having hit a one -month low point, Solana (SOL) was bounced from a critical support zone and tries to reclaim a crucial psychological barrier before resuming his bullish rally. However, some analysts suggested that the cryptocurrency could re -test new lows if market volatility persists.
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Solana Price Hertest Great Support
On Thursday, Solana lost the level of $ 200 as support after closing the day below this level for the first time in almost a month. Since the beginning of February, the Cryptocurrency has been acting within the price range of $ 120- $ 220 and finally broke out of this reach in mid-September.
A week ago the bullish momentum of the market and the strong purchases of companies pushed the price from Sol to an eight -month highest point of $ 253, so that many investors would anticipate the long -awaited rally to higher levels.
However, this week’s pullbacks have sent most cryptocurrencies under crucial levels, with Bitcoin and Ethereum fell to $ 108,000 and $ 3,800 respectively. In the meantime, Solana has seen a 20% decrease in the weekly period, which lost the level of $ 200.
Analyst Sjuul van Altcryptogems claimed That sol was “in free fall after that annoying deviation back in the reach.” If Solana does not have the current range of $ 190- $ 200, the analyst is of the opinion that it would be “very difficult” to find strong support for the demand zone around $ 150, a level that has not been seen since the beginning of July.
Likewise, Market Watcher Wise Crypto too noted That Solana could be in a make-or-break-retest, because it again tests a critical support zone and the overall market still shows a few signs of weakness.
According to De Post, SOL has been acting within an ascending channel since April, bouncing between the upper and lower limits during this period.
If the recent volatility of the market continues, the cryptocurrency could re -test the support zone of the channel, around the levels of $ 177- $ 188. “If this zone breaks, the next major support has fallen below $ 150 – so caution is the key,” she added.
Sol Bounce Eyes $ 200 reclaim
Despite the volatility, Wise Crypto also indicated that “stochastic RSI signals over -selling circumstances, suggesting that a potential jump could be on the horizon.” As a result, if SOL holds this support area, a movement to the barrier of $ 250 could follow.
When Solana approached his big rising trendline, Crypto Batman noted That sol is bounced from this level every time it has tested, which suggests that “in the midst of chaos you have to look at things from a different perspective.”
Sol in particular from the recent lows on Friday morning and is currently trying to break over the psychological barrier of $ 200.
Nevertheless, the cryptocurrency must close above this key level daily and keep it keeping to transform the withdrawal into a downward wont abnormality in the weekly period.
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Ted -cushions added That if this level is recovered, the $ 208- $ 210 area, near the 10-day advancing average (MA), the next goal would be.
According to the Market Watcher, recovering and holding up above that level would be the first bullish board, which could possibly push the price of Solana to $ 216- $ 220, near the 30-day MA.
Sol is currently acting at $ 199, an increase of 1.4% in the daily period.
Featured image of unsplash.com, graph of TradingView.com