Solana Struggles Below Key Support Amid Market Turbulence: Will It Recover or Drop to $150?
Key Points:
- The crypto market crash led to $700 million in liquidations, impacting major assets.
- Solana’s price has dropped 10%, falling below the critical $200 support level.
- Key resistance levels for SOL are $200, $220, and $254.35.
Solana’s Price Performance and Market Context
Solana’s price has declined sharply due to a broader market sell-off, now trading at $194.81 after a 10% drop. The market-wide downturn also pushed Bitcoin (BTC) below $96,000, contributing to the $700 million liquidation spike. Solana, which recently hit a high of $263, has reversed course amid bearish sentiment, leaving investors to question whether the token will recover or fall toward the $150 mark.
Signs of a Bullish Rebound
Despite the dip, Solana formed a V-shaped rebound, a pattern that often signals potential bullish continuation. Key resistance levels include $254.35 and $302.02, with a potential upward target of $345.76 if buying momentum holds strong. However, sustained momentum is crucial for breaking out of the descending channel and regaining bullish strength. 
Bearish Outlook and Critical Support Levels
If bearish trends persist, Solana could face further declines:
- Immediate support at $190
- A potential drop to $150 if selling pressure intensifies
The Relative Strength Index (RSI) currently stands at 26, indicating that SOL is in an oversold state, which could signal an impending price correction. 
Conclusion
Solana’s price remains volatile as it trades below $200. A recovery depends on sustained bullish momentum and support at $190. Traders are closely watching key levels to assess whether Solana will break past resistance points or slide to new lows around $150.
