Solana has experienced a sharp 23% correction, reflecting broader market conditions as Bitcoin and other altcoins enter a phase of indecision. The crypto market is searching for support, and investors are closely watching if this phase will lead to recovery or continued downturn.
Top analyst Jelle shared insights suggesting Solana has upside potential if it reclaims the $222 level soon. This threshold is crucial for shifting sentiment and could reignite bullish momentum for the altcoin. However, failure to reach this level might prolong consolidation or lead to further losses.
Solana is testing critical liquidity levels between $200 and $210, previously resistance, now assessed as support. Analyst Jelle emphasizes the importance of $222 for a potential price discovery phase, which could trigger a massive breakout and renew interest from investors.
Currently trading at $220, with a recent low of $203, Solana exhibits resilience against declines. A sustained break above $238 could enhance bullish trends, while failing to maintain $203 support might cause deeper corrections as the market shows indecision.
