Solana Headed For Correction Before Bounce – Analyst Sets $180 Target
02 Novembre 2024 - 5:30PM
NEWSBTC
Solana (SOL) is trading around a crucial demand level at $165,
following a pullback from recent highs of $183. This level is
pivotal for SOL, as losing it could trigger a deeper correction,
putting the altcoin at risk of further downside. However,
prominent analyst Carl Runefelt has shared technical analysis
indicating that Solana may be primed for a brief correction before
staging a rally to retest local highs. Related Reading: Bitcoin
Open Interest Reduced By $2.1 Billion In 24 Hours – Time For Spot
To Push The Price? Runefelt’s analysis highlights signs of renewed
strength for SOL, suggesting that the altcoin is preparing for a
move that could challenge recent highs within the next few days.
This bullish setup depends heavily on Solana maintaining support at
$165, which could act 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 bracing for potential
volatility. In this uncertain landscape, Solana remains a focal
point for investors who see an opportunity if support holds
steady. Solana Holding Key Demand Level Solana (SOL) 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. Prominent analyst and investor
Carl Runefelt recently shared a technical analysis on X, indicating
that SOL may briefly dip to around $160 before staging a push to
retest its recent high at $180. According to Runefelt, this $160
level represents a critical support zone for Solana, as holding
above it is essential to sustain the altcoin’s bullish momentum and
confirm its ongoing uptrend. Runefelt’s analysis emphasizes the
importance of this support level in fueling Solana’s potential for
gains, suggesting that 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 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 (Nov 5)
and Bitcoin nearing its all-time high. Related Reading: Analyst
Exposes Ethereum Ascending Support At $2,400 – Best Chance To
Accumulate ETH? As investors monitor macro events and Bitcoin’s
movements closely, Solana’s technical setup around $160 will be a
focal point for those seeking 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. 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 vital threshold for SOL, as a sustained hold here
could set the stage for a rally toward higher resistance
levels. If buyers successfully defend $160, it may serve as
the foundation for a climb to $183 and potentially beyond, with
higher supply zones likely to be tested. Related Reading: Bitcoin
Consolidates Near ATH – Volume Suggests A Big Move Ahead Analysts
are watching this level closely, as it could either reinforce SOL’s
bullish structure or signal the need for further consolidation. A
breakdown below $160, however, 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 SOL’s strength at $160 and prepares
for potential moves to new highs. Featured image from Dall-E, chart
from TradingView
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