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Solana ‘In Serious Danger’ If $137 Support Breaks – Analyst Shares Targets
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Solana ‘In Serious Danger’ If $137 Support Breaks – Analyst Shares Targets

Sebastian Villafuerte
Sebastian Villafuerte
8 months ago
3 mins read
Solana ‘In Serious Danger’ If $137 Support Breaks – Analyst Shares Targets

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Solana is trading above a crucial support level at $137 after experiencing a 17% correction from local highs around $160. This recent dip has left analysts and investors on edge, awaiting confirmation of the next price direction. 

Just last week, sentiment was strongly bullish, but the current market atmosphere is filled with fear and uncertainty. One notable analyst, Carl Runefelt, has shared a chart highlighting the risk of Solana losing its key support level, which could lead to further downside.

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The entire crypto market is grappling with high volatility, amplifying uncertainty. This has led to growing fear among investors, many concerned about the potential for deeper corrections. While Solana showed strong momentum recently, the present market conditions have dampened optimism, leaving traders anxious for a clear signal that could reignite confidence. 

As Solana continues to hover near this critical support level, the coming days will be pivotal in determining whether it can regain its bullish momentum or if further declines are on the horizon.

Solana Testing Crucial Demand Levels

Solana is at a critical juncture, as its price action has shifted from bullish to bearish in just a few days. Bulls are now proceeding with caution, especially below the $140 mark, which represents a key structural level. 

The $137 support level is crucial, as it could be Solana’s last defense against a further drop. Top crypto analyst Carl Runefelt recently shared a technical analysis on X, highlighting the precarious situation Solana finds itself in. According to Runefelt, Solana could see a sharp drop to $128 if this support level breaks, extending the current consolidation phase.

Solana testing a key support level at $137.
Solana is testing a critical support level at $137. | Source: Carl Runefelt on X

In addition to the risk of a breakdown, Runefelt also pointed to key resistance levels that bulls need to target if Solana is to regain its upward momentum. The most important levels to watch are the $150 and $160 supply zones. 

A break above these zones would be necessary to confirm a reversal into a bullish trend. Until then, the price action remains uncertain, and investors are closely monitoring these critical support and resistance levels.

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The current market volatility and the threat of further declines are causing hesitation among traders. Solana’s ability to hold its support or break through resistance will determine its next move.

SOL Technical Analysis: Prices To Watch

Solana (SOL) is trading at $139 after a correction from local highs that haven’t been broken since July. The price faces significant resistance as it struggles to reclaim the 4-hour 200 moving average (MA) at $139.9, a critical strength indicator.

SOL testing the 4H 200 MA from below.
SOL is testing the 4H 200 MA from below. | Source: SOLUSDT chart on TradingView

For bulls to regain momentum, holding above this level is essential. Additionally, the price must reclaim the 4-hour 200 exponential moving average (EMA) at $144.3 to confirm a bullish reversal and signal a potential recovery.

However, the market may see further downside pressure if Solana fails to surpass these crucial technical levels. A deeper correction could lower the price to $120, a key demand zone that could serve as a new level of support. This would extend the current consolidation phase and put more downward pressure on Solana’s price.

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Investors are watching closely as SOL navigates this critical range, with both bulls and bears waiting for a decisive move in either direction.

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.

Read more

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
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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

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