Expect Solana to Reach $200 ‘If It Holds Current Support’
After falling from local highs at $183, Solana (SOL) is approaching a significant demand level of $163. This price is crucial support that might affect SOL's price behavior. Losing this level might signify a larger slump, increasing selling pressure and pushing SOL back to lower support levels.
However, leading analyst Daan released a technical analysis showing that SOL might return if it holds this “green zone” around $160. In the best-case scenario, SOL might maintain this support and gradually advance to test the downtrend line that has held it back, according to Daan. This setup would maintain SOL's bullish structure, offering investors a rebound entry opportunity.
With the crypto market volatile and Solana at this critical level, the next few days are key. SOL may return to recent highs if this demand zone supports a reversal, traders and investors are monitoring.
Solid Solana Despite Uncertainties
Despite market turbulence and uncertainty, Solana (SOL) has held above $160, a critical support level. SOL's price structure depends on this high demand zone, which might support the next upward trend.
Crypto researcher Daan recently said that SOL's “most bullish case” is to maintain this “green zone” at $160, letting it to gradually grind back up toward the declining trendline that has limited recent advances.
Daan believes the next try at this trendline might break out and drive SOL past $200. He advises cautious investors to wait for breakout confirmation since there is still possibility for upside following a reversal. His research suggests SOL may rebound, viewing this accumulation zone as a purchasing opportunity.
But Daan admits there's still negative danger. If SOL falls below $160, a deeper decline may push it below support levels.
To determine SOL's short-term trend, the market will carefully monitor this support level. Holding above it would indicate strength and allow a rebound, while a collapse might prolong the negative period.
