Solana Price Nears $200 as Analysts Warn of Potential Drop to $150
Solana (SOL) has recently rebounded from a critical support zone after experiencing a one-month low. The cryptocurrency is attempting to reclaim the $200 level, a crucial psychological barrier for its potential bullish rally.
Key Developments:
- Solana lost support at the $200 mark, closing below it for the first time in almost a month.
- Previously, SOL reached an eight-month high of $253 but has since declined by 20%, now trading around $199.
- If volatility persists, SOL may retest the $177-$188 support zone, with further decline possible to levels below $150.
Market analysts highlight the importance of reclaiming and holding above the $200 level. A move past this point could target the $208-$210 area, near the 10-day Moving Average, as the next milestone. Successfully maintaining these levels could push SOL towards the $216-$220 range, aligning with the 30-day MA.
Currently, SOL trades at $199, showing a 1.4% increase over the daily timeframe.