Solana price has dropped 10% after a market-wide cryptocurrency crash, falling below the critical $200 support level. This decline triggered significant liquidations across the Solana ecosystem. The broader crypto market has seen a sharp bearish pullback in the past 24 hours, causing major tokens to breach crucial support zones. Bitcoin mirrored this trend, slipping below the $96,000 watch level. As Solana hovers below $200, the question remains: can it recover, or is a drop to $150 inevitable?
Will Solana Bounce Back or Sink Below $150?
The global cryptocurrency market cap has fallen to $3.35 trillion, reflecting a 6% decrease in the past 24 hours. Meanwhile, the total market trading volume surged by 46% to $183.87 billion during the same period.
Major cryptocurrencies faced significant declines, leading to over $700 million in liquidations. Bitcoin (BTC) dropped below $96,000 after recently peaking at $102,000. This sharp fall contributed significantly to the liquidation volume. Other top altcoins, including Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), XRP, and Cardano (ADA), also experienced notable downturns.
Solana price, which recently rallied past $220 amid a strong bullish trend, has seen a sharp reversal. Just last week, SOL was trading near its all-time high of $263. However, the recent bearish market sentiment caused its value to decline significantly. This downturn has left investors questioning whether Solana can recover or slip below the $150 threshold.
Bullish Breakout Amid Bearish Trend
If the bullish trend makes a comeback, Solana could break through key resistance levels and sustain its upward momentum. Recently, Solana has formed a V-shaped rebound after breaking out of a prolonged downtrend.
This market structure indicates increasing buying activity, suggesting a potential continuation of the bullish wave. Key levels to watch include $254.35, which serves as the immediate resistance, followed by $302.02, a zone that could be reached with sustained upside momentum. The final target for this bullish phase is $345.76, marking a significant milestone if the upward trend holds strong.
Source- X
Solana Price Analysis & Targets
As of the reporting time, the SOL price is trading at $194.81, showing a minor decline of 0.45% in the last 4 hours. The cryptocurrency has been consolidating within a descending channel, indicating ongoing bearish pressure. However, traders are eyeing critical price levels that could define its next move.
A bullish reversal at this stage could propel the Solana token back above the psychological $200 mark. If buying momentum sustains, SOL may retest the important resistance level of $220, which has historically acted as a strong barrier for further upward movement.
On the downside, if bearish sentiment prevails, the Solana price forecast could slide to its immediate support level of $190. Further selling pressure may intensify losses, dragging the token toward its crucial support level at $150, a zone that could determine its medium-term trajectory.
Technical indicators such as the Relative Strength Index (RSI) are hovering in the oversold region at 26, suggesting that a potential recovery could be on the horizon.
Solana Price TradingView
Solana faces a challenging period as it struggles below $200 amid market volatility. Recovery depends on sustained bullish momentum and support at $190. Investors remain cautious, closely monitoring key levels to determine the token’s medium-term price trajectory.
The post Is Solana Price Recovery Possible, or Is $150 Inevitable? appeared first on CoinGape.
