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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Solana Holds Support Above Key Indicator – Expert Sees Push To ATH If Momentum Returns

Sebastian Villafuerte
Sebastian Villafuerte
7 months ago
3 mins read
Solana Holds Support Above Key Indicator – Expert Sees A Push To ATH If Momentum Returns

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Solana has faced relentless selling pressure since late January, wiping out over 40% of its value after reaching all-time highs. Price action remains bearish, with SOL struggling to find strong support as the broader market experiences volatility. Investors are increasingly cautious, fearing that further declines could follow if key levels fail to hold.

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However, analysts believe Solana could see a swift recovery if it manages to maintain its current structure. Top analyst Daan shared a technical analysis on X, revealing that Solana is still hanging around above a key diagonal trend line and the Daily 200MA/EMA. This suggests that if SOL holds this area, it could regain strength and push higher in the coming weeks.

While Solana’s price action has been concerning, the overall structure still looks intact. If the market regains momentum, SOL could quickly reclaim lost ground and make another run toward its previous highs. The coming days will be crucial as investors watch whether Solana can defend its support levels or if further downside is on the horizon. A strong bounce from current levels could mark the beginning of a new bullish phase for SOL.

Solana Testing A Crucial Level

Solana is trading at a critical zone after dropping more than 14% since Tuesday, testing the last support level that maintains its long-term bullish structure. Investors are growing concerned as selling pressure intensifies across the broader crypto market. If SOL fails to hold its current demand level, it could face sustained selling pressure, potentially leading to a deeper correction.

Daan shared a technical analysis on X, noting that Solana is still holding above a diagonal trend line and the Daily 200MA/EMA. As long as this area remains intact, the structure looks decent for a potential rebound. He emphasized that these support levels have historically played a crucial role in determining SOL’s trend direction, making them a key focus for traders and investors.

Solana testing crucial demand | Source: Daan on X
Solana testing crucial demand | Source: Daan on X

However, Daan also pointed out a technical concern regarding the two sweeps of the 2021 all-time high, which could indicate market uncertainty. Despite this, he believes that if the market finds momentum again, Solana could recover quickly and make another run toward higher price levels.

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For now, SOL’s ability to hold above key support levels will determine its short-term direction. If bulls manage to defend these areas and push the price back above resistance, a strong rebound could be in play.

SOL Price Action: Technical Levels To Hold 

Solana (SOL) is trading at $192 after a volatile and bearish start to February. The price is currently holding at the 200-day exponential moving average (EMA) and remains 5% above the 200-day simple moving average (SMA), signaling that this is a critical moment for bulls to step in and defend the long-term trend.

SOL Testing critical level around $190 | Source: SOLUSDT chart on TradingView
SOL testing critical level around $190 | Source: SOLUSDT chart on TradingView

If SOL manages to hold above these key indicators, the next objective for bulls will be reclaiming the $200 mark, a psychological and technical resistance level. A successful push above this level would signal strength and set the stage for a larger recovery in the coming weeks.

However, if SOL fails to hold above the 200-day EMA and loses this crucial support, the price could face a significant drop toward lower demand areas around $170. This would confirm a deeper correction and extend the bearish momentum that has dominated the market since late January.

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With the market still under pressure, SOL’s ability to defend its long-term moving averages will determine its next move. A rebound from these levels would indicate bullish resilience, while a breakdown could accelerate selling pressure and push the price further into lower demand zones.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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