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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Solana Will Drop To $211 If It Fails To Break Key Resistance Level – Analyst

Sebastian Villafuerte
Sebastian Villafuerte
5 months ago
3 mins read
Solana Will Drop To $211 If It Fails To Break Key Resistance Level – Analyst

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Solana (SOL) is facing severe selling pressure as it tests key demand levels, with bears gaining control after a failed breakout above all-time highs. The price has struggled to maintain momentum, and investors are now watching for critical support levels that could determine Solana’s next move.

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After an explosive rally earlier this year, SOL is now at risk of breaking lower as market sentiment turns uncertain. Top analyst Carl Runefelt shared a technical analysis on X, revealing that Solana might retest a horizontal resistance if it breaks down a bearish flag pattern. This key level will be crucial in determining whether SOL can hold its ground or if it will be dragged into a deeper correction.

If the bearish flag confirms a breakdown, SOL could drop to test lower demand zones, leading to further downside pressure. However, if bulls manage to reclaim key resistance levels, a potential recovery could be on the table. The coming days will be critical for Solana as traders look for signs of a trend reversal or continued bearish momentum.

Solana Enters A Critical Phase

Solana is at a crucial phase, with the next few days set to define whether it will continue its downtrend or establish a structural price change. After failing to sustain its bullish momentum above all-time highs, bears have taken control, pushing SOL into key demand levels. The price has now dropped to $220, and analysts are warning that lower levels may come in the following weeks.

Top analyst Carl Runefelt shared a technical analysis on X, highlighting that Solana might retest horizontal resistance around $222 if it breaks down a daily bearish flag. If this bearish pattern plays out, SOL could drop even further to test the $211 level, a major demand zone that will likely decide the trend’s fate.

Solana at a crucial level | Source: Carl Runefelt on X
Solana at a crucial level | Source: Carl Runefelt on X

However, if bulls manage to defend current levels, a push above supply zones could lead to a price recovery. The first step for a reversal would be breaking back above $222 and reclaiming it as support. If that happens, Solana could regain strength and challenge higher resistance levels in the coming weeks.

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The coming days will be decisive, as SOL stands at a turning point between a deeper correction or the beginning of a recovery phase.

Price Struggles Below Key Level

Solana is trading at $216 after losing the critical $220 demand level, a major support that bulls needed to hold. Now, bears are in control, and every moment SOL spends below this level increases the risk of further downside. If the price fails to recover quickly, the next significant demand zone to test will be around $200, a level that could determine whether SOL continues its correction or finds a strong bounce.

SOL loses key demand | Sourec: SOLUSDT chart on TradingView
SOL loses key demand | Source: SOLUSDT chart on TradingView

However, bulls are not out of the game yet. If SOL manages to reclaim $220 as support, it could invalidate the bearish breakdown and set up for a potential trend reversal. A strong move above this level would indicate renewed buying pressure and could allow Solana to challenge higher resistance zones in the coming days.

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For now, SOL remains in a fragile position, and traders should closely watch price action around $220 and $200. A continued downtrend below $200 would confirm a deeper correction, while a swift recovery above $220 could reignite bullish momentum. The next few sessions will be crucial in determining Solana’s short-term 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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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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