As most of the crypto market remains in red, Solana (SOL) has started to recover from the market\u2019s sharp correction. The cryptocurrency\u2019s price has surged 7.5% in the last 24 hours, recovering from its three-week low and leading some analysts to suggest the bleeding might be over.<\/p>\n
Solana Falls To Three-Week Low<\/p>\n
Over the weekend, Solana recorded a 27% price plunge from Friday\u2019s highs to a three-week low of $175. This performance followed the overall market crash, fueled by the US president\u2019s recently announced<\/a> tariff on the country\u2019s three biggest trading partners.<\/p>\n On February 1, the white house revealed that Donald Trump was implementing new tariffs on imported goods from Canada, Mexico, and China. This measure was met with similar responses from the two neighboring countries, which announced they would implement tariffs on US imports.<\/p>\n The fear of a global tariff war sparked a massive sell-off that saw Bitcoin\u2019s price plummet to $91,200 and Ethereum\u2019s price drop to $2,100. Additionally, the market registered at least $2.3 billion in liquidation, although Bybit\u2019s CEO suggested<\/a> the figure could be up to $10 billion.<\/p>\n Solana lost the key $200 support zone and fell below $180 on Sunday night. As the market struggled, some analysts suggested<\/a> that SOL\u2019s price risked a deeper fall. Analyst Ali Martinez noted that SOL could retrace to $138 if it lost the $191 support from its multi-month ascending channel.<\/p>\n Crypto trader Bluntz considers<\/a> that losing the $220 support was \u201creally bad\u201d for the altcoin, as it resembled 2021\u2019s bearish divergence sign. Additionally, it invalidated the \u201cABC from the highs\u201d and made it look \u201cmore impulsive,\u201d which would require a \u201cmiracle\u201d to overcome it.<\/p>\n Despite falling below the crucial levels, the cryptocurrency retested the $170-180 support zone and bounced from the $175 mark, attempting to break the $200 resistance in the following hours.<\/p>\n Crypto analyst Jelle noted that Solana \u201cretraced the TRUMP memecoin pump,\u201d which saw SOL reclaim the $220 resistance and jump<\/a> to its latest all-time high (ATH) of $295.<\/p>\n However, Jelle considered that SOL\u2019s structure<\/a> \u201cremained sound\u201d during the drop and that its chart looked \u201cvery solid\u201d as the cryptocurrency recovered on Monday morning.<\/p>\n It\u2019s worth noting that amid the market bleeding, Solana was among the cryptocurrencies that showed strength. SOL, like BTC, held its key horizontal levels, remaining within its post-US elections price range.<\/p>\n Martinez pointed<\/a> out that \u201cIn the middle of this madness, the TD Sequential indicator presents a buy signal on the Solana daily chart.\u201d Meanwhile, Miles Deutscher highlighted that BTC and SOL\u2019s prices were \u201cnow higher than yesterday\u2019s pre-liquidations,\u201d noting<\/a> the high volatility affecting the market.<\/p>\n Moreover, Solana, alongside BTC and XRP, is among the only top 10 cryptocurrencies recording green numbers. Jelle considers that if SOL closes above the monthly and weekly supports between $200 and $210, it will continue its solid performance to retest the $240 resistance and see \u201canother push for $300.\u201d<\/p>\n As of this writing, Solana is trading at $211, a 7.5% increase in the daily timeframe.<\/p>","protected":false},"excerpt":{"rendered":" As most of the crypto market remains in red, Solana (SOL) has started to recover from the market\u2019s sharp correction. The cryptocurrency\u2019s price has surged 7.5% in the last 24 hours, recovering from its three-week low and leading some analysts to suggest the bleeding might be over. Solana Falls To Three-Week Low Over the weekend, […]<\/p>\n","protected":false},"author":0,"featured_media":41471,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-41470","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\/41470"}],"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=41470"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/41470\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/41471"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}SOL Must Hold These Levels<\/h2>\n