Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Solana (SOL) has seen its rally slow down in the last few days, dropping 23% from its new all-time high (ATH) and over 8% in the past day. Some investors worry about the Altcoin\u2019s short-term performance as the crypto market pulls back. Related Reading: Bitcoin Sees First Close Above $100,000, But Is A Big Correction Coming? Solana Drops To Lowest Level In A Month Solana has been one of the leading cryptocurrencies this cycle, outperforming most of the market and stealing the headlines. Unlike most altcoins, the cryptocurrency outperformed during the Q2 and Q3 retraces, holding above pre-bull run levels. As Q4 started, Solana continued to hover within the $110-$180 price range, breaking above this range after the market\u2019s post-election pump. SOL\u2019s momentum propelled the token past its yearly high and successfully reclaimed the $200 barrier. The token continued to climb higher until its new ATH of $263 on November 23. Since then, Solana hovered between the $245-$220 price range, fueling investors’ optimism about the altcoin\u2019s next \u201cprice discovery\u201d move. Nonetheless, SOL\u2019s price has taken a blow in the past day alongside Bitcoin and the rest of the crypto market. Solana saw 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 as support for the first time since breaking past it, falling below the $205 level on Tuesday morning. Crypto analyst Altcoin Sherpa shared a possible bearish outlook for SOL\u2019s short-term performance based on the ongoing price retest. Per the post, \u201cSOL weakness has been pretty obvious, and it’s being reflected in the sol shitcoin price action as well.\u201d The analysts explained that the current price action looks seemingly underwhelming, suggesting that holding the $200-$210 region is crucial. Failing to hold this zone would likely send the price to the pre-election resistance level of $180, which has not been tested as support since breaking above it over a month ago. SOL Eyes Higher Targets Similarly, Crypto Jack forecasted a potential fall to the $180-$160 range if SOL fails its retest of the $200 mark as support. However, he considers the over 10% drop a \u201cbuy the dip\u201d opportunity for investors. According to his potential play for Solana, the cryptocurrency would bounce to its ATH levels and attempt to break past them. Other market watchers pointed out that SOL is currently retesting the weekly and monthly timeframe resistance as support, which could see Solana go higher \u201cas long as it holds.\u201d Crypto analyst Jelle reaffirmed his $600 target for the cryptocurrency, noting that it \u201cperformed incredibly during the first year of the cycle\u201d and will \u201cbe a winner again in the coming months.\u201d Related Reading: Cardano Follows 2020 Bullish Pattern \u2013 Top Analyst Plans To Take Profits Between $4 And $6 Meanwhile, Bitwise\u2019s latest report predicted that SOL could rally over 200% in 2025. The asset manager\u2019s CIO, Matt Hougan, and Head of Research, Ryan Rasmussen, consider that the altcoin\u2019s momentum \u201cis just beginning to build,\u201d predicting it will hit $750 next year. At the time of writing, Solana is trading at $204, an 8.5% and 3.1% decline in the daily and monthly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":635257,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[93631,26263,92978,10923,89756,12837,83626,90235,93012,83627],"class_list":["post-660507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypo-market-retrace","tag-crypto-analyst","tag-crypto-bull-run-2024","tag-crypto-market","tag-crypto-trader","tag-sol","tag-solana","tag-solana-bearish","tag-solana-consolidation","tag-solusdt"],"acf":[],"yoast_head":"\n
Solana Alert: SOL Retests $210, Is A Rebound Or Retrace Next?<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n