Solana is currently trading at $197, representing a 13% decline from the local highs reached earlier this week. The broader cryptocurrency market is experiencing heightened uncertainty, along with some fear, as Bitcoin struggles to reclaim the pivotal $100,000 level. This hesitation has created a ripple effect across all altcoins, including Solana, which has seen its recent momentum stall.
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Top analyst Jelle shared a technical analysis on X, which could make $SOL/BTC a key pair to watch in the coming weeks. Jelle suggests that Solana’s performance against Bitcoin could provide important insights into its potential trajectory. While Solana remains a market favorite due to its strong ecosystem and innovative development, its ability to reclaim strength against BTC will influence investor sentiment.
as Solana continues to test key support levelsMarket participants are watching closely for signs of a breakout or further consolidation. The next few weeks could be decisive for Solana’s price action, setting the tone for its performance in the coming months. Will Solana bounce back to reclaim its highs, or will market uncertainty push it lower? Investors are waiting for clear signals between this period of flow.
Solana enters an important phase
Solana is trading just above the critical $190 support level, a former supply zone that has turned into demand. This level represents a key test for the asset as it seeks to consolidate its bullish trajectory. Solana is making higher lows, which is a positive sign of consolidation, but it needs to reclaim higher supply zones to confirm a continued bullish trend.
Top analysts jailed recently shared his insights on XEmphasizing the importance of monitoring the SOL/BTC pair in the coming weeks. He noted that Solana is entering a bullish phase, but its performance against Bitcoin will be an important factor in determining its future direction.
According to Jelle, Solana should reclaim the 0.0022 level against BTC to signal strength and confirm its bullish outlook. Should Solana fail to achieve this, Jelle indicated he would consider returning some of his exposure to bitcoin.
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The current market uncertainty, fueled by Bitcoin’s struggle to break above $100,000, has left many altcoins, including Solana, in a state of flux. A breakout above the 0.0022 level on the SOL/BTC chart would not only bolster confidence in Solana’s bullish potential, but also mark it as a strong contender in the ongoing market rally.
Examining demand at key levels
Solana is currently trading at $196, navigating a critical demand zone between $193 and $200. The range serves as a prime battleground for bulls and bears as Solana tries to keep pace. For the bulls to regain control, price must decisively break above the $200 level, disabling bearish pressure and setting the stage for further gains.
To strengthen its bullish structure, Solana needs to recover the $222 mark. Achieving this will boost investor confidence and signal continuation of its upward trend. However, failure to push above $200 could leave the price vulnerable to further downside pressure.
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On the downside, missing the $193 support level would likely trigger a deeper correction. This could result in Solana entering a consolidation phase, where the price stabilizes before attempting another breakout. Such a scenario would likely increase market uncertainty as investors wait for clear signs of a continuing trend.
Featured images from Dall-E, charts from TradingView
