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Solana (SOL) is poised to retest key support levels amid escalating bearish pressure in the market.
A local lower high suggests the current price uptrend may be ending, signaling the potential continuation of Solana’s decline.
Analysts highlight three critical support levels that could determine whether SOL stabilizes or faces a deeper pullback in the coming days.
Solana (SOL) is in prime position to retest support levels as the market continues to exhibit escalating bearish pressure. The cryptocurrency is currently creating a local lower high which may indicate the completion of the current upmove. On Tuesday, in an X post, Alan Sanatana posted his analysis that the lower high formation is a key signal that Solana’s decline which started in mid-March may continue.
The downward trend came back after a brief lapse in July. This next drop might be the last part of the current correction process on SOL’s chart. If the correction complete it could create a low that may usher in a potential rally.
Solana’s Key Support Levels
The magnitude of drop will mostly be determined by the market’s ability to containing bearish pressure and buyer interest. If buyers return then it may halt the decline but Solana could fall further if the bears take charge.
There are three levels of support on the chart which have been analyzed by analysts. Such levels may be significant in the Solana price prediction. If these supports remain, they may help to stop the deterioration. If not, SOL may extend further downside and this would be concerning of a deeper pullback.
#Altcoins 📈 #Solana: New Lower High Being Established
Solana is in the process of establishing a local lower high, which would indicate the end of the current price bounce.
Good Monday my fellow Cryptocurrency trader, I hope you are having a wonderful day.
A lower high at… pic.twitter.com/4FLAPcGejb
— Alan Santana (@lamatradessrcsrcsrcsrc) October src4, 2024
Solana’s Next Move
Whether Solana would see a sudden and sudden decrease in value, referred to as a “flash crash” or a slower, gradual decline. The crypto community has been observing these trends closely. Solana has been quite the rollercoaster in terms of its price in the current year and has been attracting a lot of traders.
Some market participants are wondering if this fall could be a chance to start a position. Some others are more careful and watch whether cryptocurrency would be able to keep key support levels. Regardless of which option comes to pass, SOL’s next step is likely to be closely watched in the crypto space. At the time of writing, SOL trades at $src53.20 having risen by src.src0% in the last 24 hours.
Source: TradingView
The next few days would be very much important in dictating the next course of action of Solana as investors watch for its movements. Whether the price will remain within the current range or will continue the tendency and decline further, the result will probably affect the market sentiment greatly. Investors are getting ready for turning points, and adjust their plans for the bear and the bull.