Solana (SOL) is currently around a vital demand level of $165 after declining from recent highs of $183. The level is critical for SOL, as losing it could result in a deeper correction. Analyst Carl Runefelt suggests a brief dip to $160 before Solana may rally to retest $180.
The analysis points to renewed strength for SOL, suggesting a move challenging recent highs. However, maintaining $165 support is vital to serve as a launchpad for further upward movement. Solana investors are preparing for possible volatility as Bitcoin approaches a new all-time high.
Runefelt identifies the $160 level as a critical support zone for SOL. Holding above it is necessary to sustain bullish momentum and confirm the uptrend. Successfully holding $160 may pave the way for a substantial rally, reinforcing investor confidence.
A successful defense of the $160 level might lead to a climb toward $183, possibly testing higher supply zones. Analysts are monitoring this closely as it could either support SOL's bullish structure or require further consolidation.
The coming days are crucial for SOL, as the US election and Bitcoin's movements may impact Solana's technical setup around the $160 mark, which could be key for capitalizing on potential gains.
