Solana (SOL) is under significant selling pressure, as it attempts to hold key demand levels. With investors closely monitoring its movements, the cryptocurrency faces a potential drop if key resistance levels aren't broken. An explosive rally earlier this year now leaves SOL vulnerable to market sentiment turning uncertain.
Top analyst Carl Runefelt's technical analysis indicates Solana may retest horizontal resistance upon a bearish flag breakdown. With SOL struggling at $220, a further drop to $211 could spell a deeper correction. However, if bulls defend current levels, a recovery might be viable.
As the price drops below key demand levels, Solana's price action in the next few days will determine the short-term direction between continued bearish momentum and a potential trend reversal. Traders must catch critical signals around the $220 and $200 levels.