Solana (SOL) Needs 15% Bounce After Multi-Year Support Retest, Recovery Ahead?
Solana (SOL) has regained the $100 mark after dropping below it for the first time in over a year, following a 20% decline that brought it to a 14-month low of around $95. The cryptocurrency bounced back approximately 18% to $112 before settling in the $100-$110 range. Since reaching an all-time high of $270 in January, SOL has fallen over 63%. Analysts indicate that the support at $120 has weakened, and losing this level could lead to a potential drop to $60. Some traders suggest that SOL's bull market may be over, with expectations of a corrective pattern. However, analyst Ted Pillows believes a rally could occur if SOL holds its multi-year ascending support trendline. Recovery of the $120 support zone is deemed crucial for future price movements, with buy signals appearing on the weekly chart. Currently, Solana trades at $105, reflecting a 1% daily decline.
