Amid the recent market volatility, Solana (SOL) has lost a crucial area for the first time in over a week, leading some analysts to forecast a potential drop toward the $200 support and below in the coming days.<\/p>\n
Solana fell from the $225 area and recorded a 6.6% intraday retrace below the $210 level for the first time in two weeks. Notably, the cryptocurrency has been trading within the $210-$245 levels over the past month, briefly losing this range during the late September pullback.<\/p>\n
As \u201cUptober\u201d arrived and the overall crypto market recovered<\/a>, the altcoin bounced from the recent lows, reclaiming the mid-zone of its local price range. Over the past week, SOL traded within the $220-$235 area, retesting both the upper and lower boundaries of this zone throughout this week\u2019s volatile market performance.<\/p>\n Multiple market watchers warned that losing $215-$220 area could determine whether SOL\u2019s short-term rally was at risk. On Friday morning, the altcoin lost this crucial zone, hitting a one-week low of $207.<\/p>\n Analyst Crypto Batman forecasted<\/a> that Solana would likely head lower before bouncing, highlighting two key support areas. He suggested that the altcoin\u2019 could retrace deeper into its Bullish Fair Value Gap (FVG), between $210-$220, which previously served as a key resistance level.<\/p>\n However, if the price continues to fall, he pointed<\/a> out that a retest of SOL\u2019s two-month ascending trendline, currently around the $200 mark, would be possible. This trendline was tested as support in late September, when the altcoin fell to the $190 level.<\/p>\n Similarly, Crypto analyst Man of Bitcoin had affirmed<\/a> that holding the $216 level was crucial to preserve a bullish scenario in which the cryptocurrency rallied toward the $270 without major pullbacks.<\/p>\n The analyst cautioned that losing this area would invalidate the bullish setup and likely push the price down toward the local range lows, potentially risking a drop to the $200 barrier.<\/p>\n Meanwhile, market watcher Follis recently stated<\/a> that SOL has \u201cone of the cleanest\u201d high timeframe charts in the market. He noted that Solana\u2019s 100-day Exponential Moving Average (EMA) indicator in the daily chart holds \u201cthe key.\u201d<\/p>\n Notably, this indicator, currently<\/a> sitting around the $200 area, has been tested as support and bounced from each time the cryptocurrency has failed to break a major resistance level since August.<\/p>\n Based on its recent performance, if the altcoin holding the EMA100 on the daily timeframe could see a rebound and target the range highs. On the contrary, if this level is lost, the cryptocurrency risks falling to the September lows.<\/p>\n Despite the short-term correction, some analysts remain optimistic about SOL\u2019s end-of-year rally, suggesting that it will continue its path to new highs after the retrace. \u201c$320 remains the target,\u201d Trader Koala affirmed<\/a>, \u201cPullback first though.\u201d<\/p>\n As of this writing, Solana is trading at $205, a 12.1% decline in the weekly timeframe.<\/p>","protected":false},"excerpt":{"rendered":" Amid the recent market volatility, Solana (SOL) has lost a crucial area for the first time in over a week, leading some analysts to forecast a potential drop toward the $200 support and below in the coming days. Solana Pullback Eyes $200 Retest Solana fell from the $225 area and recorded a 6.6% intraday retrace […]<\/p>\n","protected":false},"author":0,"featured_media":103987,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-103986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/103986"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=103986"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/103986\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/103987"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=103986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=103986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=103986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}SOL\u2019s Make-Or-Break Level<\/h2>\n