Solana (SOL) Price Risks Drop Below $200 After Losing Key Support, Analyst Warns

Amid the recent market volatility, Solana (SOL) has lost a crucial area for the first time in over a week, leading some analysts to forecast a potential drop toward the $200 support and below in the coming ￰0￱ Reading: Major Event Management Platform Raises $2M To Expand Stablecoin Payments Across Entertainment Industry Solana Pullback Eyes $200 Retest Solana fell from the $225 area and recorded a 6.6% intraday retrace below the $210 level for the first time in two weeks. Notably, the cryptocurrency has been trading within the $210-$245 levels over the past month, briefly losing this range during the late September ￰1￱ “Uptober” arrived and the overall crypto market recovered, the altcoin bounced from the recent lows, reclaiming the mid-zone of its local price ￰2￱ the past week, SOL traded within the $220-$235 area, retesting both the upper and lower boundaries of this zone throughout this week’s volatile market ￰3￱ market watchers warned that losing $215-$220 area could determine whether SOL’s short-term rally was at ￰4￱ Friday morning, the altcoin lost this crucial zone, hitting a one-week low of $207.

Analyst Crypto Batman forecasted that Solana would likely head lower before bouncing, highlighting two key support ￰5￱ suggested that the altcoin’ could retrace deeper into its Bullish Fair Value Gap (FVG), between $210-$220, which previously served as a key resistance level. However, if the price continues to fall, he pointed out that a retest of SOL’s two-month ascending trendline, currently around the $200 mark, would be ￰6￱ trendline was tested as support in late September, when the altcoin fell to the $190 level. Similarly, Crypto analyst Man of Bitcoin had affirmed that holding the $216 level was crucial to preserve a bullish scenario in which the cryptocurrency rallied toward the $270 without major ￰7￱ analyst cautioned that losing this area would invalidate the bullish setup and likely push the price down toward the local range lows, potentially risking a drop to the $200 barrier.

SOL’s Make-Or-Break Level Meanwhile, market watcher Follis recently stated that SOL has “one of the cleanest” high timeframe charts in the ￰8￱ noted that Solana’s 100-day Exponential Moving Average (EMA) indicator in the daily chart holds “the key.” Notably, this indicator, currently sitting around the $200 area, has been tested as support and bounced from each time the cryptocurrency has failed to break a major resistance level since ￰9￱ on its recent performance, if the altcoin holding the EMA100 on the daily timeframe could see a rebound and target the range ￰10￱ the contrary, if this level is lost, the cryptocurrency risks falling to the September ￰11￱ Reading: BNB Chain Memecoin Season? 70% Of Investors In Profit As ￰12￱ Surpasses ￰13￱ Despite the short-term correction, some analysts remain optimistic about SOL’s end-of-year rally, suggesting that it will continue its path to new highs after the retrace. “$320 remains the target,” Trader Koala affirmed, “Pullback first though.” As of this writing, Solana is trading at $205, a 12.1% decline in the weekly ￰14￱ Image from Unsplash.

com, Chart from ￰15￱