Solana Trading at $166, Key Support Level at $160
Solana (SOL) is trading at a significant demand level of $165 after a pullback from $183. This level is critical; losing it may lead to further declines.
Analyst Carl Runefelt indicates that SOL might experience a brief correction before attempting to retest recent highs. His analysis suggests renewed strength for SOL, with potential upward momentum if support at $165 is maintained.
Solana Holding Key Demand Level
Solana has gained attention as it tests the crucial demand level that could propel it to new highs. Runefelt's technical analysis suggests a possible dip to around $160 before an upward push to $180. The $160 level is vital for sustaining bullish momentum and confirming the ongoing uptrend.
If SOL holds above $160, it could enhance investor confidence and facilitate movement into higher territory, contingent on favorable market conditions.
The upcoming week is critical for SOL amid increased volatility due to the US election (Nov 5) and Bitcoin nearing its all-time high. Investors are closely monitoring macro events and Bitcoin's trends, making Solana’s setup around $160 pivotal for potential gains in the altcoin market.
SOL Technical Levels To Watch
Currently, Solana trades at $166 after rebounding from $163, maintaining a position above the key $160 support zone. Sustaining this level may lead to a rally toward higher resistance levels.
If buyers defend the $160 level, a climb to $183 and beyond is possible, testing higher supply zones.
Analysts are closely observing this level, which could either reinforce SOL’s bullish structure or indicate a need for consolidation. A drop below $160 may prompt deeper corrections and adjustments in trader expectations. The next few days will be essential in assessing SOL’s strength at $160 and potential moves to new highs.
Featured image from Dall-E, chart from TradingView