Solana Holds Support Above Key Indicator – Expert Sees Push To ATH If Momentum Returns
Solana has been facing ruthless sales pressure since late January, eliminating more than 40% of its value after reaching an all-time high. Price action remains bearish as Sol strives to seek strong support as the market experience is wider. Investors are becoming increasingly cautious, worried that if key levels cannot be held, they may decline further.
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However, analysts believe that if Solana manages to maintain its current structure, it can recover quickly. Top analyst Daan analyzed a technical analysis on X that showed Solana is still hovering above the critical diagonal trend line and daily 200ma/EMA. This suggests that if SOL has the area, it may restore strength and increase strength in the next few weeks.
although Solana’s price action has been paying attentionthe overall structure still looks intact. If the market recovers momentum, SOL may quickly recover the lost ground and run again at its previous highs. The coming days will be crucial as investors observe whether Solana can defend its support level or whether further shortcomings are coming. A strong rebound in current levels may mark the beginning of a new bullish phase for SOL.
Solana test key levels
Solana has been down more than 14% since Tuesday, trading in key areas, testing the last level of support that maintains its long-term bullish structure. Investors are increasingly concerned as sales pressures intensify across the wider cryptocurrency market. If SOL fails to maintain its current demand level, it may face ongoing sales pressures that could lead to deeper corrections.
Daan shared Technical analysis on Xnoting that Solana is still maintaining above the diagonal trend line and daily 200ma/EMA. As long as the area remains intact, the structure will look good and can rebound. He stressed that these support levels have historically played a crucial role in determining the trend direction of SOLs, making them the focus of traders and investors.
However, Daan also pointed to technical issues regarding the two scans at the highest level in 2021, which could indicate market uncertainty. Nevertheless, he believes that if the market finds momentum again, Solana can recover quickly and at higher price levels.
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Currently, SOL’s ability to exceed key support levels will determine its short-term direction. If the Bulls manage to defend these areas and push prices above resistance, there may be a strong rebound.
Sol price action: Holding technical level
Sol (SOL) trading prices began in February and retailed for $192. The price is currently at the 200-day exponential moving average (EMA), which remains 5% from the 200-day simple moving average (SMA), suggesting that this is the Bulls step in and defend the long-term critical moment trend.
If Saul manages to exceed these key metrics, the Bulls’ next target will be $200 mark, the level of psychological and technical resistance. Success over this level drives signal strength and lays the foundation for greater recovery in the coming weeks.
However, if SOL fails to exceed 200 days of EMA and loses critical support, then prices may face a significant drop in lower demand areas, left and right. This will confirm a deeper correction and expand the bearish momentum that has dominated the market since late January.
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As the market remains under pressure, SOL’s ability to defend its long-term moving average will determine its next move. A rebound from these levels will indicate bullish elasticity, while failures may accelerate sales pressure and push prices further toward lower demand areas.
Featured images from DALL-E, charts from TradingView
