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Solana (SOL) has reclaimed almost 40% in the past month and has lost important support levels since February. As the price is an important horizontal level retest, some analysts warn a potential correction of 50% to an annual low.
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Solana loses the most important support level
Solana has been one of the leading cryptocurrencies of the cycle, fed by the Memecoin Frenzy van de Markt. The Altcoin climbed more than 270% in a year to its last of all time of $ 270, registered almost two months ago.
Nevertheless, the Bullish sentiment from SOL has decreased considerably since January, recently fall to the lowest point in more than a year. As a result, the cryptocurrency has fallen more than 50% compared to the ATH of January 19.
Solana lost the most important support zone of $ 200-$ 220 at the beginning of last month, with the February-marketcrashes Sol sent to re-test its next crucial levels. After losing the $ 180 marking two weeks ago, the price floated between $ 130 $ 150 series, which rose to $ 179 at the beginning of March.
This week’s market correction, where Bitcoin (BTC) fell to $ 76,000 for the first time in four months, Solana has sent to new monthly lows.
On Tuesday, the price of SOL fell short to $ 111, a level that was no longer seen since the market crash of August 2024, before he bounced back to $ 125. Amidst the current retest, pseudonym trader Crypto occupied warned That SOL must “keep this crucial support to maintain a bullish sentiment above $ 100.”
Crypto analyst Ali Martinez earlier noted That the most crucial zone for Solana seems to be between $ 110 and $ 125, because this horizontal level served as an important support during the Rallies of 2021 and 2024. The analyst suggested that “holding over this range could be the key for the next move.”
Sol price risks move to $ 60
Martinez also pointed out that Solana could be on the edge of a breakdown, as it is broken below the most important level. According to the afterSOL risks a 50% crash to $ 60 if it does not hold the $ 125 support zone.
The analyst emphasized that the cryptocurrency has formed a right corner since March 2024, when it first renomed the level during this cycle.
During this period, every higher high on the graph of Solana has created a rising trend line at the top of the pattern, while the support of $ 125 “has held” as a strong horizontal support trend line. “
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The break of SOL under this horizontal zone, however, has increased the chance of a price correction of 50% to the Q4 2023 levels. In addition, Martinez recently warned of a potential correction based on Solana’s trading couple against Bitcoin, which resemble Eth/BTC’s graph.
The analyst suggested that the SOL/BTC graph looked like the trading couple of Ethereum against BTC’s earlier price action, and added that if it continued to follow this pattern, the SOL/BTC graph could see a drop to the 0.0008 area. After the recent price action, the trading couple reached a low of 15 months of 0.0014624 on Tuesday.
Solana is currently acting $ 124, a decrease of 14% in the weekly period.
Featured image of unsplash.com, graph of TradingView.com