Solana (SOL) has experienced a 12% decline from its recent high, dropping to a critical support zone in the past 24 hours. While some analysts remain optimistic about Solana's future price movement, others caution that losing the current support levels could signal trouble.
The cryptocurrency has retraced from its New Year highs and is currently trading between $180 and $190. Despite recent drops, some traders believe Solana could bounce back sharply, possibly reaching $325, thanks to a potential V-shaped rebound.
Analysts warn that Solana must maintain its position above key levels, or it could face further declines, potentially down to the $130-$150 range. Additionally, SOL's performance in the first quarter could be impacted by factors such as market positioning and upcoming unlocks.
Looking ahead, Solana's future may be boosted by new developments, including Solana-based exchange-traded funds (ETFs) and other catalysts, potentially driving its price up to $400-$500 by year-end.
