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Solana Likely To Target $200 ‘If It Holds Current Support’ – What To Expect
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Solana Likely To Target $200 ‘If It Holds Current Support’ – What To Expect

Sebastian Villafuerte
Sebastian Villafuerte
7 months ago
3 mins read
Solana Likely To Target $200 ‘If It Holds Current Support’ – What To Expect?

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Solana (SOL) is currently trading at a crucial demand level near $163, following a retrace from local highs around $183. This price is a critical support area that could determine the direction of SOL’s upcoming price action. Losing this level could signal a deeper correction, which would intensify selling pressure and potentially push SOL to retest lower support levels.

However, top analyst Daan shared a technical analysis suggesting that if SOL can hold this “green zone” around $160, it could pave the way for a rebound. Daan notes that in the most optimistic scenario, SOL could hold this support and start a gradual climb, ultimately aiming to test the downtrend line that has kept it in check. This setup would keep SOL’s bullish structure intact, creating a potential entry point for investors eyeing a bounce.

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With the broader crypto market showing volatility and Solana facing this pivotal level, the next few days will be crucial. Traders and investors are closely watching to see if this demand zone can support a reversal, potentially leading SOL back toward recent highs.

Solana Holding Strong Despite Uncertainty

Solana (SOL) has managed to hold above the key support level around $160, despite the recent market volatility and uncertainty. This level is crucial for SOL’s price structure, as it’s a strong demand zone that could act as a foundation for the next upward move. 

Crypto analyst Daan recently shared his perspective on X, revealing that SOL’s “most bullish case” would be for it to hold this “green zone” around $160, allowing it to gradually grind back up toward the descending trendline that has capped recent gains.

Solana testing crucial demand
Solana testing crucial demand | Source: Daan on X

In Daan’s view, the next attempt at this trendline could likely result in a successful breakout, with the potential to push SOL’s price above $200. He suggests that waiting for confirmation of this breakout could be a sound strategy for cautious investors, as there is still ample room for upside even after a confirmed reversal. His analysis highlights a confident outlook on SOL’s potential recovery, seeing this accumulation zone as a promising buying opportunity.

However, Daan also acknowledges that there’s still a degree of downside risk. If SOL fails to hold above this $160 level, a deeper correction could follow, potentially driving SOL to test lower support levels. 

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For now, the market will watch this support level closely as a critical indicator of SOL’s short-term trend. Holding above it would signal strength and open the door for a potential rally, while a breakdown could lead to a more extended bearish phase. As the overall market sentiment remains mixed, Solana’s next moves will be critical for traders and investors alike.

SOL Price Action 

Solana is currently trading at $163 after tagging the 4-hour 200 exponential moving average (EMA), a critical indicator of short-term strength. Holding above this EMA signals a bullish outlook for SOL, suggesting that buyers are stepping in to support the price at this level. If SOL can maintain momentum above the 200 EMA, it could build a foundation for a potential rally to new local highs, possibly challenging the recent peak around $183.

SOL tagging the 4H 200 EMA
SOL tagging the 4H 200 EMA | Source: SOLUSDT chart on TradingView

However, the $160 level remains a crucial support area. Losing this support would likely trigger significant selling pressure, potentially driving SOL down to the $150 range, where further demand may emerge. This zone would be closely watched by investors looking for potential accumulation opportunities, as a dip could provide favorable entry points for long-term holders.

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In contrast, a strong push above the current demand level would confirm renewed bullish momentum, paving the way for SOL to target and possibly surpass recent highs. As SOL hovers around this key technical zone, traders will be watching for any decisive movement that could signal the next direction, whether it be a continued uptrend or a retracement to lower demand levels.

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
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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