Solana Faces 30% Correction Risk After Dropping Below Key Support
Key Points on Solana's (SOL) Market Performance:
- Solana (SOL) has dropped 8.3%, hitting a new local low of $165, below its crucial support level.
- The cryptocurrency has retraced nearly 35% from its multi-month high of $253.
- Analysts warn of a potential 30% correction to $115 if SOL fails to reclaim the $180 support level.
- Significant resistance levels are identified at $180 and $210, with the latter being critical for bullish momentum.
- Despite short-term bearish sentiment, some analysts view the pullback as a healthy correction within a long-term ascending support zone.
Investor Sentiment and Developments:
- Bitwise launched a SOL Staked ETF, contributing to $400 million inflows in four days, leading all crypto ETPs in weekly flows.
- Long-term investors remain optimistic about SOL's performance, supported by recent institutional interest.
As of now, Solana is trading at $167, marking a 17% decline over the past week.
