🔁 Solana Correction Nearing End? $130 Retest Could Spark New Rally

Solana fell to a crucial level after retesting $168 barrier on Wednesday, spurred by the market slump. The cryptocurrency has dropped 15% from its monthly highs and traded around $140 for three days.

Since May, SOL has traded between $145 and $180, dropping to range lows amid June market shakeouts. The cryptocurrency has failed to regain the $160-$170 mid-zone since then.

However, market observer Lluciano believes Solana “may dip a bit more, but the ultimate target is seriously huge.” After breaking over its declining barrier in March, SOL stopped its multi-month downturn, according to the analyst.

After this price action, SOL retested the $100-$120 demand zone before breaking out to its current range weeks later. The altcoin's chart shows a one-month falling wedge pattern with an upper limit at $155-$160.

A breakthrough from this pattern might bring the cryptocurrency toward May's $187 high barrier before retesting $240, according to the expert.

Similarly, trader Rose highlighted that SOL has been consolidating above $145 barrier and 50-day MA, suggesting a breakthrough. “If confirmed, the price could rise toward targets at $165, $183, and $220,” they said.

SOL To Underperform Next Months?

The expert predicted that SOL will lose its current range and retest the April consolidation range around $125-$135 to finish the decline.

After bouncing back into the present level, prices would surge over $200 into $220-$250 objectives for “one more wave up” this cycle.

While the cycle's leading cryptocurrency isn't “dead,” he doesn't “see it having a run like it did in 2021/2024.” Note that SOL is retesting its late November 2023 support levels vs BTC, which brought it to annual lows after failing to hold them.

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