Solana is currently trading above a crucial $137 support level, having experienced a 17% correction from highs of around $160. This has caused anxiety among analysts and investors who are waiting for confirmation of Solana's next price movement.
Previously bullish sentiment has given way to fear and uncertainty, with Carl Runefelt highlighting the risk of significant downside if Solana loses this key support. The broader crypto market is volatile, adding to the uncertainty and fear of potential corrections.
Runefelt notes that a $137 support break could see Solana drop to $128, extending the current phase of consolidation. Conversely, bulls aim for a reversal by targeting key resistance levels at $150 and $160 to confirm a bullish trend.
Technical analysis shows SOL trading at $139, facing structural resistance at the 4-hour 200 moving average. Bulls need to hold above this level and reclaim the 4-hour 200 EMA at $144.3 to signal recovery, while failure to do so might invite deeper corrections.
Investors are carefully monitoring these levels, waiting for a decisive move, as both bullish and bearish scenarios are possible depending on Solana's ability to hold support or break resistance.
