This article is available in Spanish.
Solana (SOL) is trading around a crucial asking level of $165, after falling from recent highs of $183. This level is crucial for SOL as losing it could trigger a deeper correction, putting the altcoin at risk of further downside pressure.
However, prominent analyst Carl Runefelt has shared a technical analysis indicating that Solana may be ready for a short correction before staging a rally to retest the local highs.
Related reading
Runefelt’s analysis highlights signs of renewed strength for SOL, suggesting the altcoin is preparing for a move that could challenge recent highs in the coming days. This bullish setup is highly dependent on Solana maintaining support at $165, which could act as a springboard for further upside momentum.
As the crypto market closely watches Bitcoin’s bid for a new all-time high, Solana investors are bracing for potential volatility. In this uncertain landscape, Solana remains a focus for investors who see opportunities if support remains stable.
Solana maintains key demand levels
Solana (SOL) has emerged as one of the stronger performing altcoins this cycle, attracting a lot of attention as it tests a key level of demand that could propel it to new highs. Leading analyst and investor Carl Runefelt recently shared a technical analysis on XThis indicates that the SOL could briefly drop to around $160 before attempting to retest its recent high at $180.
According to Runefelt, this $160 level represents a critical support zone for Solana as it is essential to stay above it to maintain the altcoin’s bullish momentum and confirm the ongoing uptrend. Runefelt’s analysis highlights the importance of this support level in fueling Solana’s earnings potential, suggesting it could serve as a springboard for a substantial rally.
If SOL successfully holds above $160, a surge to test local highs would not only boost investor confidence but also pave the way for Solana to enter new territory if broader market conditions remain favorable.
The coming week could be crucial for SOL, as the market braces for increased volatility as the US elections loom (November 5) and Bitcoin approaches its all-time high.
Related reading
As investors keep a close eye on macro events and Bitcoin’s movements, Solana’s technical setup around $160 will be a point of interest for those looking to capitalize on the altcoin’s potential gains. If Solana maintains its bullish structure, it could play a key role in leading the altcoin market in this cycle.
SOL technical levels to watch
Solana is trading at $166, after a slight rebound from the $163 level, maintaining a strong position above the critical $160 support zone. This level has proven to be a crucial threshold for SOL as a sustained hold here could set the stage for a rally towards higher resistance levels.
If buyers successfully defend $160, it could provide the basis for a climb to $183 and possibly beyond, with higher supply zones likely to be tested.
Related reading
Analysts are closely watching this level as it could either reinforce SOL’s bullish structure or signal the need for further consolidation. However, a breakdown below $160 would likely lead to a deeper correction, prompting traders to recalibrate their expectations as Solana looks for lower support levels. The next few days will be crucial as the market estimates SOL’s strength at $160 and prepares for possible moves to new highs.
Featured image of Dall-E, chart from TradingView
Credit : www.newsbtc.com
