Solana Trading at $173, Bulls Aim to Reclaim $185 Support Level
Solana (SOL) is currently facing significant selling pressure, trading at levels not seen since November 2024. This decline has erased the gains made during the post-election rally.
- The rise of meme coins initially boosted transaction volumes and liquidity in Solana's ecosystem.
- The current sell-off has raised concerns about Solana's long-term viability.
- Analyst Jelle noted that SOL briefly dropped below recent lows but closed above them, indicating a possible relief move.
- Key price levels are being closely monitored for signs of recovery or further downside.
Market Conditions and Price Action
- Since reaching its all-time high in January, Solana's price has struggled amid a broader altcoin market downturn.
- Negative sentiment related to meme coins has diminished investor confidence and liquidity.
- Despite strong fundamentals, decentralized exchange volumes have declined, affecting bullish momentum.
- To signal a recovery, SOL needs to reclaim the $185 level, aligning with the 200-day moving average.
If SOL fails to surpass $185, selling pressure may increase, and the price could revisit support around $160. The upcoming days are critical as traders await confirmation of either a reversal or continued bearish trend.
