Jan 9, 2025
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Solana Trading at $197, Faces Key Support Test Amid Market Indecision
Solana is trading at $197, down 13% from its recent high. The broader cryptocurrency market shows indecision as Bitcoin struggles to surpass the $100,000 mark, impacting altcoins like Solana.
Key points include:
- Analyst Jelle highlights the importance of monitoring the $SOL/BTC pair for insights into Solana's trajectory.
- Solana is testing the critical $190 support level, needing to reclaim higher supply zones to confirm a bullish trend.
- To signal strength, Solana must regain the 0.0022 level against BTC; failure may lead to reallocating investments back into Bitcoin.
- Currently navigating a demand zone between $193 and $200, Solana needs to break above $200 to validate bullish momentum.
- A drop below $193 could trigger a deeper correction and further consolidation.
The next few weeks are crucial for Solana's price action as it seeks to establish a clear direction amidst market uncertainty.
