Solana (SOL) is currently trading around a crucial demand level at $165, following a pullback from its recent highs of $183. This level is significant for SOL, as losing it could trigger a deeper correction and put the altcoin at risk of further downside.
Prominent analyst Carl Runefelt has shared technical analysis that suggests Solana may be primed for a brief correction before potentially staging a rally to retest local highs. According to Runefelt, signs of renewed strength for SOL indicate that the altcoin is preparing for a move likely to challenge recent highs within the next few days. This bullish setup is contingent upon Solana maintaining support at $165, which could serve as a launchpad for further upward momentum.
As the crypto market closely watches Bitcoin’s bid for a new all-time high, Solana investors are preparing for potential volatility. In this uncertain landscape, Solana remains a focal point for those who see an opportunity if support holds steady.
Solana has emerged as one of the stronger-performing altcoins this cycle, drawing significant attention as it tests a key demand level that could drive it toward new highs. Carl Runefelt recently shared a technical analysis on social media, indicating that SOL may briefly dip to around $160 before pushing to retest its recent high at $180.
Runefelt’s analysis points out that the $160 level represents a critical support zone for Solana. Holding above this level is essential to sustain the altcoin’s bullish momentum and confirm its ongoing uptrend. The analysis emphasizes the importance of this support level in fueling Solana’s potential for gains, suggesting that it could act as a springboard for a substantial rally.
If Solana successfully holds above $160, a surge to test local highs would not only reinforce confidence among investors but also set the stage for Solana to push into new territory if broader market conditions remain favorable. The coming week could prove pivotal for SOL as the market braces for heightened volatility with the US election on the horizon and Bitcoin nearing its all-time high.
As investors closely monitor macro events and Bitcoin’s movements, Solana’s technical setup around $160 will be a focal point 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 forward in this cycle.
Currently trading at $166 after a slight rebound from the $163 level, Solana is maintaining a strong position above the critical $160 support zone. This level has proven to be a vital threshold for SOL, as a sustained hold here could set the stage for a rally toward higher resistance levels.
If buyers successfully defend the $160 mark, it may serve as the foundation for a climb to $183 and potentially beyond, with higher supply zones likely to be tested. Analysts are watching this level closely 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 seeks lower support levels.
The next few days will be crucial as the market evaluates Solana’s strength at $160 and prepares for potential moves to new highs.
