Amid the geopolitical turmoil, Solana (SOL) has retraced 10% in the past week. Some analysts believe that the altcoin\u2019s correction is about to end, but warned that a dip below a key support level might come first.<\/p>\n
After retesting the $168 resistance<\/a> last Wednesday, Solana has fallen back to a key level fueled by the recent market pullback. The cryptocurrency has seen a 15% retracement from its monthly highs, trading around the $140 zone for the past three days.<\/p>\n SOL has been hovering between the $145-$180 price range since its May breakout<\/a>, falling to the range lows during the June market shakeouts. Since then, the altcoin has struggled to reclaim the $160-$170 mid-zone.<\/p>\n Nonetheless, market watcher Lluciano considers that Solana \u201cmay dip a bit more, but the ultimate target is seriously huge.\u201d The analyst highlighted SOL\u2019s performance since April, noting that it ended its multi-month downtrend after breaking above its descending resistance at the end of\u00a0March.<\/p>\n After this price action, SOL retested the $100-$120 demand zone before breaking out to its current range in the following weeks. Now, the altcoin\u2019s chart displays a one-month falling wedge pattern, with the upper boundary sitting around the $155-$160 area.<\/p>\n To the analyst, a breakout from this pattern could send the cryptocurrency toward May\u2019s $187 high resistance before propelling the price to retest the $240 mark.<\/p>\n Similarly, trader Rose noted<\/a> that SOL has been consolidating above the key $145 resistance and 50-day Moving Average (MA), signaling a potential breakout. \u201cIf confirmed, the price could rise toward targets at $165, $183, and $220,\u201d they suggested.<\/p>\n Market watcher Crypto Bullet suggested<\/a> that Solana\u2019s correction is coming to an end. The analyst forecasted that SOL could soon lose its current range and retest the April consolidation range, around the $125-$135 area, to complete the correction.<\/p>\n This would be followed by a bounce back into the current range before surging past the $200 barrier toward the $220-$250 targets, for \u201cone more wave up\u201d this cycle.<\/p>\nSOL To Underperform In Coming Months?<\/h2>\n