Fun

Solana Will Drop To $211 If It Fails To Break Key Resistance Level – Analyst

News Feed - 2025-02-02 06:02:56

Este artículo también está disponible en español.


Solana (SOL) is facing severe selling pressure as it tests key demand levels, with bears gaining control after a failed breakout above all-time highs. The price has struggled to maintain momentum, and investors are now watching for critical support levels that could determine Solana’s next move. Related Reading Bitcoin Trades At Discount For The Past Month Signaling Selling Pressure – What This Means 1 day ago


After an explosive rally earlier this year, SOL is now at risk of breaking lower as market sentiment turns uncertain. Top analyst Carl Runefelt shared a technical analysis on X, revealing that Solana might retest a horizontal resistance if it breaks down a bearish flag pattern. This key level will be crucial in determining whether SOL can hold its ground or if it will be dragged into a deeper correction.


If the bearish flag confirms a breakdown, SOL could drop to test lower demand zones, leading to further downside pressure. However, if bulls manage to reclaim key resistance levels, a potential recovery could be on the table. The coming days will be critical for Solana as traders look for signs of a trend reversal or continued bearish momentum. Solana Enters A Critical Phase


Solana is at a crucial phase, with the next few days set to define whether it will continue its downtrend or establish a structural price change. After failing to sustain its bullish momentum above all-time highs, bears have taken control, pushing SOL into key demand levels. The price has now dropped to $220, and analysts are warning that lower levels may come in the following weeks.


Top analyst Carl Runefelt shared a technical analysis on X, highlighting that Solana might retest horizontal resistance around $222 if it breaks down a daily bearish flag. If this bearish pattern plays out, SOL could drop even further to test the $211 level, a major demand zone that will likely decide the trend’s fate. Solana at a crucial level | Source: Carl Runefelt on X


However, if bulls manage to defend current levels, a push above supply zones could lead to a price recovery. The first step for a reversal would be breaking back above $222 and reclaiming it as support. If that happens, Solana could regain strength and challenge higher resistance levels in the coming weeks. Related Reading Avalanche Forms A Falling Wedge On The Daily Chart – Breakout Target Set At $56 1 day ago


The coming days will be decisive, as SOL stands at a turning point between a deeper correction or the beginning of a recovery phase. Price Struggles Below Key Level


Solana is trading at $216 after losing the critical $220 demand level, a major support that bulls needed to hold. Now, bears are in control, and every moment SOL spends below this level increases the risk of further downside. If the price fails to recover quickly, the next significant demand zone to test will be around $200, a level that could determine whether SOL continues its correction or finds a strong bounce. SOL loses key demand | Source: SOLUSDT chart on TradingView


However, bulls are not out of the game yet. If SOL manages to reclaim $220 as support, it could invalidate the bearish breakdown and set up for a potential trend reversal. A strong move above this level would indicate renewed buying pressure and could allow Solana to challenge higher resistance zones in the coming days. Related Reading Chainlink Could Target $30 Once It Breaks Bullish Pattern – Top Analyst 2 days ago


For now, SOL remains in a fragile position, and traders should closely watch price action around $220 and $200. A continued downtrend below $200 would confirm a deeper correction, while a swift recovery above $220 could reignite bullish momentum. The next few sessions will be crucial in determining Solana’s short-term direction.


Featured image from Dall-E, chart from TradingView

News Feed

Tom Mitchelhill3 hours agoUK banks risk losing licenses for debanking customers over political viewsThe British government may impose tighter freedom of speech protections on banking permits following a public dispute be
Jamie Dimon bashes partisan politics in presidential election op-ed
Tristan Greene3 hours agoJamie Dimon bashes partisan politics in presidential election op-edThe JPMorgan boss didn’t mention any candidates by name, but his message left little doubt about whom he was referring to.5926
Cornell Professor of Economics: Defi Promise Is Real but Bitcoin May Not Last Much Longer
Cornell Professor of Economics: Defi Promise Is Real but Bitcoin May Not Last Much Longer A Cornell University economics professor says that the promise of decentralized finance (d
Savannah Fortis10 hours agoOver half of musicians concerned over audience perception of AI use: SurveyOver half of musicians surveyed said they’re concerned with how their audience might perceive music created using AI
Bitcoin, Ethereum Technical Analysis: ETH Nears $1,500 Level to Start the Weekend
Bitcoin, Ethereum Technical Analysis: ETH Nears $1,500 Level to Start the Weekend Ethereum neared a breakout below $1,500 to start the weekend, pushing prices closer to a one-month
Argentina Introduces New Exchange Rates to the Mix — ‘Qatar’ and ‘Coldplay’ Dollars Go Against IMF’s Warnings
Argentina Introduces New Exchange Rates to the Mix — "Qatar" and "Coldplay" Dollars Go Against IMF"s Warnings The government of Argentina, which is currently applying dollar exch
DAMX: The Emerging Perpetual Exchange on Fantom
DAMX: The Emerging Perpetual Exchange on Fantom press release PRESS RELEASE. Canada, Alberta – Cryptocurrency has become a hot topic in recent years, capturing the attention o
3 Reasons the Stock Market Could Avoid Record Highs Next Week
Stock markets are on an 8-day gain streak near record highs but there may be hurdles ahead. | Source: AP Photo/Richard Drew, FileThe U.S. stock market has demonstrated strong moment
Solana Stays Strong Despite BTC Drop – $176 Next?
Este artículo también está disponible en español. Solana (SOL) is holding strong above the $160 mark after the broader market experienced a healthy dip to previous demand
Ethereum liquid staking protocol Puffer Finance raises $18M in Series A
Zhiyuan Sun14 hours agoEthereum liquid staking protocol Puffer Finance raises $18M in Series AThe project"s TVL surpassed $1 billion within one month of its testnet launch.4017 Total viewsListen to article 0:00NewsOwn th
Helen Partz12 hours agoCoinbase shares up 50% since SEC lawsuitSenior Coinbase executives, including CEO Brian Armstrong, have been selling their shares amid the stock’s growth over the past month.14217 Total views2 To
David Attlee13 hours agoGerman crypto regulator calls for global rules to also govern niche finance centersBaFin’s top executive stresses the risks of crypto and calls for global regulation to apply to all financial ce