Amid the market correction, Solana (SOL) has reclaimed the $100 mark after dropping below this crucial support for the first time in over a year. However, some analysts consider a 15% bounce toward a key historical support is necessary to target higher levels.<\/p>\n
Solana hit a 14-month low on Monday after falling 20% in 24 hours, momentarily trading<\/a> around the $95 mark for the first time since February 2024. After the correction, SOL bounced around 18% to $112 before retracing toward the $100-$110 price range.<\/p>\n Fueled by the market\u2019s memecoin frenzy, the altcoin was one of the leading cryptocurrencies last year, hitting an all-time high (ATH) of $270 on January 19. Since then, the cryptocurrency has dropped over 63% from the start-of-year highs.<\/p>\n During the Q1 retraces, Solana retested<\/a> the $120 support zone several times, bouncing from the range, which served as a crucial level during the 2021 and 2024 rallies.<\/p>\n However, several analysts pointed out that the support weakened with each retest, and losing that level could see Solana fall under the $100 mark and risk a 50% drop to the $60 support zone.<\/p>\n After dropping below the key barrier, trader Crypto Bullet highlighted<\/a> that SOL\u2019s recent price action broke below August 5 lows, which signals that the cryptocurrency\u2019s bull market could be over.<\/p>\n According to the trader, Solana had a \u201cclear 5-wave impulse to the upside that ended in January with TRUMP coin blow-off top,\u201d which suggests a corrective a, b, c zigzag will follow. Based on this, the trader expects \u201ca good mid-term bounce to ~$200 (Lower High)\u201d for wave b and a drop to the $30-$40 price range for wave c.<\/p>\n Analyst Ted Pillows considers that Solana could see a massive rally after the correction. He explained that SOL bounced from its multi-year ascending support trendline, a key rebound point in Q3 2023.<\/p>\n The last time Solana retested this trendline, it rallied 1,000% toward the $270 mark. If the cryptocurrency holds this level, the analyst considers that SOL could bounce to its ATH in the coming months.<\/p>\n Meanwhile, several analysts noted that recovering the $120 support zone is crucial after the recent price action, as this level could determine<\/a> the altcoin\u2019s next move again.<\/p>\nSOL Needs 15% Jump<\/h2>\n