Since hitting an all-time high nearly three weeks ago, Solana has experienced a significant 23% pullback. Despite the magnitude of the decline, it reflects broader market conditions as Bitcoin and altcoins have entered a phase of indecision. The market is currently seeking support and consolidating below key levels, with investors closely watching whether this phase will lead to a recovery or further decline.
Top analyst Jelle recently shared technical analysis on X, indicating that Solana has strong upside potential. According to Jelle, if Solana can reclaim the $222 level in the coming days, it is likely to trigger a rapid and substantial surge. This critical price point is a key threshold that could shift market sentiment and reignite bullish momentum for this popular altcoin.
Although the overall market remains uncertain, whether Solana can recover and build momentum above $222 may lay the groundwork for a decisive breakout. However, if it fails to reclaim this level, it could prolong its consolidation period or lead to further pullbacks. Solana remains a highly watched asset, with both retail and institutional investors awaiting clearer signals regarding its next direction. Will it resume a bullish trajectory or face continued selling pressure? Answers may come in the coming days.
Solana finds support at previous resistance
Solana has pulled back to the key liquidity level between $200 and $210, an area that was previously a resistance level but is now being assessed as support. This area is crucial for SOL's price action as it may determine whether the asset continues its bullish momentum or faces further consolidation.
Solana's price action is in a consolidation phase with no clear direction, but signs of a potential breakout are becoming increasingly apparent. The asset seems poised to make a decisive move, especially if it reclaims key levels in the coming trading days.
Analyst Jelle recently shared insights on X, emphasizing the critical importance of the $222 level. Jelle noted, "If SOL reclaims $222, it will quickly return to the spotlight. Deviating from these lows and moving higher." This suggests that if Solana successfully reclaims this key level, it could re-enter the price discovery phase, triggering a substantial breakout and attracting renewed attention from retail and institutional investors.
If Solana achieves this goal, it could lay the groundwork for a rebound that reflects its previous strong performance, reaffirming its status as one of the best-performing altcoins in the market. Conversely, failing to hold the $200-$210 support level could lead to further consolidation or deeper pullbacks. Solana remains in the spotlight, with investors eagerly anticipating its next move.
SOL tests critical demand
Solana (SOL) is trading at $220 and has shown resilience after touching the $203 level twice in the past week. This area has proven to be a strong support zone, as buyers stepped in to prevent further declines. The price is currently hovering near a critical moment, with market participants closely watching for the next significant move.
If SOL can hold the support level of $203 and reclaim the resistance level of $238, a quick rebound may occur, paving the way for a new bullish trend. Reclaiming $238 will indicate strength and attract new buying interest, pushing SOL back into a higher trading range.
However, this recovery may take time as the broader cryptocurrency market consolidates in indecision. Bitcoin and other major altcoins are also trading sideways, adding uncertainty to Solana's immediate price action. Before a breakout or breakdown, SOL may remain in a range-bound fluctuation.
Traders and investors should closely monitor these key levels. Sustained breakthroughs above $238 could reignite bullish momentum, while failing to hold the support level at $203 may lead to a deeper correction. Patience is required as Solana's price action is at this critical stage.
