Solana Price Struggles Near Key Support: Is a Bullish Reversal Possible for SOL

• Solana is at a critical support level, with traders watching closely whether it can avoid further decline.
• If Solana holds above the $75.47 support, there’s potential for a bullish reversal towards the $220 resistance.
• Volume analysis shows a lack of momentum; a surge is needed to drive significant price movement in either direction.

Solana (SOL) has been struggling, and the current price action indicates that the crypto asset has reached a very important inflection point. Daan Crypto Trades revealed that Solana is currently trading close to a technical support level. Traders and investors are keenly awaiting whether it will continue to remain afloat or if it is moving towards the bear kingdom. The price has retreated significantly from its peak level, which causes considerable stress for those who possess it.

Source: X

Solana’s Struggle After Peak

The analysis shows the identified major resistance and support levels for the SOL. Solana has attained an all-time high of $260 in late 2021. After that period, it faced difficulties in continuously achieving a steady growth rate of improvement, and it has been a struggle. 

Currently, the price is floating slightly above the weekly support line, which is located at $75.47. If SOL fails to hold above this point, it is free to test lower price lows, which means a potential target of $70 or even lower

On the flip side, the weekly resistance level is currently located around the $205 mark. Solana price has been touching this level but has not really bounced off it several times in the past. This cryptocurrency, however, is going to require some heavy buying pressure above this level. A break above this level could present a good entry for an upward movement, which could bring the price nearer to the high level.

SOL Next Market Movement

Daan Crypto Trades believes that if SOL is not able to bounce back out of this support zone soon, more declines are expected. However, if Solana stands above the said support level, there is a chance of a reversal, and the altcoin will have a positive market movement. As of press time, Solana is trading at $116.58, showing a 3.04% increase over the past day.

Source: TradingView

A breakdown of support will result in further losses. However, if the buyers come in and overcome resistance, some upward movement can be expected. This is a crucial period for it as traders and investors will be keenly watching the next several weeks for the breakout or breakdown.