Solana’s Wild Ride: 3 Key Levels to Watch Next

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Oh, Solana (SOL), you’re a real rollercoaster, aren’t you? In just 30 days, you’ve plummeted a whopping 45%! 😱 But don’t worry, we’re here to help you navigate these turbulent waters. 🌊

You see, Solana, it’s all about perception. As the market’s love for high-risk assets waned in February, your sell-off became more severe. 📉 And let’s not forget the $LIBRA meme coin debacle, which left investors feeling like they’d been hit by a bus. 🚌

According to technical analysis, the 200-day moving average break was a crucial turning point that indicated a more extensive correction. 📈 Selling momentum increased as soon as you lost support at $190, driving you down to lower key levels.

Now, Solana, let’s talk about your immediate support zone: $160. You’ve broken below the 200-day moving average and are now trading at about $168. There’s an immediate support zone at the $160 level that might offer short-term respite. If buying pressure increases, a rebound from this area might lead to a brief recovery. 🤞

Next up is your level of critical support: $145. If $160 doesn’t hold, Solana, your next significant support is at $145, which was a potent accumulation zone during the rally in November and December of 2024. An extended decline toward lower ranges could be indicated by a breakdown below this level. 📉

Now, Solana, let’s talk about the recovery’s key resistance: $210. You need to recover $210 on the upside in order to stop your downward trend. Historically, this level has served as a significant resistance point and is in line with the 50-day EMA. In the absence of a robust surge above this threshold, any brief rallies may be perceived as dead-cat bounces. 😼

So, Solana, what does the future hold for you? Well, it’s still unclear, particularly given the low level of market liquidity. The asset might see more declines if buyer interest does not pick up at the $160 or $145 support zones. Nonetheless, a clear reclaiming of $210 would suggest a change in attitude and might pave the way for a rebound. 🌈

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2025-02-18 16:44