Solana (SOL) Retests $210 Support After 23% Drop from ATH
Solana (SOL) has experienced a slowdown in its rally, dropping 23% from its all-time high (ATH) and over 8% in the past day. Investor concerns arise regarding the Altcoin’s short-term performance as the crypto market retracts.
Solana Drops To Lowest Level In A Month
Solana has been a leading cryptocurrency this cycle, outperforming many competitors. It maintained performance during Q2 and Q3 retraces, remaining above pre-bull run levels.
As Q4 commenced, Solana fluctuated between $110-$180, breaking above this range post-election. SOL's momentum pushed it past its yearly high and reclaimed the $200 mark.
The token reached a new ATH of $263 on November 23. Following this, Solana traded between $245-$220, fostering optimism about its next price movement.
However, SOL faced an 8.7% correction in the last 24 hours, falling to the $210 support level before dropping below it.
The cryptocurrency is now retesting the key $200-$210 zone for support after previously breaking through. The price fell below $205 on Tuesday morning. Analyst Altcoin Sherpa noted a potential bearish outlook based on the ongoing price retest.
Sherpa indicated that “SOL weakness has been pretty obvious,” advising that maintaining the $200-$210 area is essential. A failure to hold this zone could lead to a decline to the pre-election resistance level of $180.
SOL Eyes Higher Targets
Crypto Jack predicted a potential drop to the $180-$160 range if SOL fails to retest the $200 mark as support. He views the over 10% decline as a buying opportunity.
Jack suggested that SOL could bounce back to its ATH levels and attempt to break through them. Analysts noted that SOL is currently retesting weekly and monthly resistance as support, which could enable further gains if sustained.
Analyst Jelle affirmed a $600 target for SOL, citing its strong performance during the first year of the cycle and predicting future success.
Bitwise’s report projected that SOL might rally over 200% in 2025. CIO Matt Hougan and Head of Research Ryan Rasmussen believe that the altcoin's momentum is just beginning, forecasting a price of $750 next year.
Currently, Solana trades at $204, reflecting an 8.5% decline in the daily timeframe and a 3.1% decline monthly.
