In the past day, Solana (SOL) has retreated by approximately 12% from its Monday peak and has now reached a significant level of interest among traders. Some analysts are optimistic about its prospects leading up to Trump’s inauguration, while others caution that the cryptocurrency’s upward trend may be at risk if it fails to hold its current position.
Solana Holds Key Support Zone
Despite the market reversal, Solana has likewise dropped below its New Year peaks, reaching its lowest point since the late December correction. On Monday, there was a 17.3% surge in SOL’s value from its annual starting price following a test of the $220 level.
As an analyst, I observed a shift in Bitcoin‘s trajectory that affected Solana. The bullish push for Solana was momentarily halted when Bitcoin plummeted approximately 8% within a day. Prior to this dip, Solana had been fluctuating within the $190-$199 price range. Unfortunately, it dipped below the lower end of that range, reaching its current low of $182 on Thursday.
Over the past day, the cryptocurrency has soared above the $190 threshold only to dip back down towards the $185 safeguard level. However, a shrewd crypto investor noted that despite this recent decline, Solana’s anticipated price remains at $325, as it hasn’t touched its prior low of $175 yet.
The investor proposed that “given the steepness of the decline, it’s reasonable to expect a similarly swift recovery.” Moreover, they suggested that “a quick, ‘V-shaped’ bounce back is imminent” and that “the desired price point could be attained ahead of the timeframe indicated by the current pattern.
Trader Crypto General pointed out that SOL briefly revisited its prior burst threshold during a required adjustment phase. Before the anticipated surge following the election, the $180-$185 range stood as a crucial barrier, which was eventually surpassed when Solana rose beyond $200.
Furthermore, the level was reassessed to act as a support during the crypto’s late December retreats, providing a zone for bouncing back. Crypto General predicted that the coming days would be “extremely optimistic for the market,” attributing this to Trump’s upcoming inauguration as a potential trigger for bullish momentum.
As Donald Trump assumes office, there’s an anticipated surge in markets, potentially leading to a trajectory reminiscent of a graph’s peak (parabola). I have set my sights on the price point around $285.
Analyst Warns Of These Levels For SOL
As a researcher, I’m sharing a cautionary note from crypto analyst Ali Martinez. He advises investors that the current Solana (SOL) levels should not dip beneath $180. A possible fall below this support level might trigger a 20% to 30% downturn for Solana.
Martinez expressed that the price range of $150 to $130, which hasn’t been seen since September and October, is expected to be a probable goal. Similarly, analyst Jelle suggested that it would be beneficial to monitor the SOL/BTC pair over the upcoming weeks.
Based on the article, it appears that the value of Solana’s trading pair relative to Bitcoin has reached a significant point. This could mean that Solana will regain the 0.0022 level in the near future to sustain its upward trend, as it is currently at 0.0020.
During the first quarter, another market observer pointed out that Solana’s (SOL) performance might be affected by several factors. These include an oversaturated market positioning, a decrease in momentum from pump-and-dump Metaverse projects, and the gradual unlocking of FTX SOL tokens that were previously sold and are now being released, with the largest release expected in March.
Moving forward from Q2, the analyst believes Solana will emerge as a significant victor due to potential launches of Solana-based exchange-traded funds (ETFs) and the possibility of new Pump.fun metas rekindling its bullish argument. As a result, this expert anticipates that SOL’s value could reach between $400 and $500 in 2021.
As of this writing, Solana is trading at $191, a 3.3% increase in the daily timeframe.
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2025-01-11 14:10