Solana Price Risks Drop Below $200 After Losing Key Support
Solana (SOL) is experiencing significant market volatility, with a recent decline leading to concerns about further potential drops.
- Solana fell from the $225 range, recording a 6.6% intraday drop below $210 for the first time in two weeks.
- The cryptocurrency has fluctuated between $210-$245 over the past month, briefly dropping below this during late September.
- Analysts warn that losing the $215-$220 zone could indicate risks for a short-term rally. On Friday, SOL hit a one-week low of $207.
- Analyst Crypto Batman suggests a potential deeper retrace into the Bullish Fair Value Gap between $210-$220 or a retest of the two-month ascending trendline near $200.
- Another analyst, Man of Bitcoin, highlights the importance of maintaining above $216 to support a bullish trend toward $270.
- Follis notes SOL's chart shows a critical 100-day EMA near $200, acting as a key support level since August.
- Despite current corrections, some analysts remain optimistic about SOL's potential year-end rally, targeting $320 after a pullback.
As of now, Solana is trading at $205, marking a 12.1% decline over the week.
