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Solana Headed For Correction Before Bounce – Analyst Sets $180 Target
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Solana Headed For Correction Before Bounce – Analyst Sets $180 Target

Sebastian Villafuerte
Sebastian Villafuerte
7 months ago
3 mins read
Solana Headed For A Correction Before A Bounce – Analyst Sets $180 Target If SOL Holds Key Support

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Solana (SOL) is trading around a crucial demand level at $165, following a pullback from recent highs of $183. This level is pivotal for SOL, as losing it could trigger a deeper correction, putting the altcoin at risk of further downside. 

However, prominent analyst Carl Runefelt has shared technical analysis indicating that Solana may be primed for a brief correction before staging a rally to retest local highs.

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Runefelt’s analysis highlights signs of renewed strength for SOL, suggesting that the altcoin is preparing for a move that could challenge recent highs within the next few days. This bullish setup depends heavily on Solana maintaining support at $165, which could act as a launchpad for further upward momentum. 

As the crypto market closely watches Bitcoin’s bid for a new all-time high, Solana investors are bracing for potential volatility. In this uncertain landscape, Solana remains a focal point for investors who see an opportunity if support holds steady. 

Solana Holding Key Demand Level

Solana (SOL) has emerged as one of the stronger-performing altcoins this cycle, drawing significant attention as it tests a key demand level that could drive it toward new highs. Prominent analyst and investor Carl Runefelt recently shared a technical analysis on X, indicating that SOL may briefly dip to around $160 before staging a push to retest its recent high at $180.

According to Runefelt, this $160 level represents a critical support zone for Solana, as holding above it is essential to sustain the altcoin’s bullish momentum and confirm its ongoing uptrend. Runefelt’s analysis emphasizes the importance of this support level in fueling Solana’s potential for gains, suggesting that it could serve as a springboard for a substantial rally. 

Solana facing a small correction before a move to $180
Solana facing a small correction before a move to $180 | Source: Carl Runefelt on X

If SOL successfully holds above $160, a surge to test local highs would not only reinforce confidence among investors but also set the stage for Solana to push into new territory if broader market conditions remain favorable.

The coming week could prove pivotal for SOL as the market braces for heightened volatility with the US election on the horizon (Nov 5) and Bitcoin nearing its all-time high.

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As investors monitor macro events and Bitcoin’s movements closely, Solana’s technical setup around $160 will be a focal point for those seeking to capitalize on the altcoin’s potential gains. If Solana maintains its bullish structure, it could play a key role in leading the altcoin market forward in this cycle.

SOL Technical Levels To Watch

Solana is trading at $166 after a slight rebound from the $163 level, maintaining a strong position above the critical $160 support zone. This level has proven to be a vital threshold for SOL, as a sustained hold here could set the stage for a rally toward higher resistance levels. 

SOL holding above the $160 mark
SOL holding above the $160 mark | Source: SOLUSDT chart on TradingView

If buyers successfully defend $160, it may serve as the foundation for a climb to $183 and potentially beyond, with higher supply zones likely to be tested.

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Analysts are watching this level closely, as it could either reinforce SOL’s bullish structure or signal the need for further consolidation. A breakdown below $160, however, would likely lead to a deeper correction, prompting traders to recalibrate their expectations as Solana seeks lower support levels. The next few days will be crucial as the market evaluates SOL’s strength at $160 and prepares for potential moves to new highs.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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