Solana Analyst Sees Support Levels in the Mid-Range at $123 and $116 - Here’s Why
Solana is currently testing a critical demand zone near the $150 mark, after weeks of persistent selling pressure and a broader shift in market sentiment. The stock is now trading about 20% lower than its peak in May at $185, where recent recovery attempts are facing strong resistance. While it is currently holding above the key support level, the overall structure suggests continued downside risk if market conditions do not improve soon.
Prominent analyst Ifloud shared a technical analysis of coin X, highlighting the importance of tracking Solana's response to the broader Bitcoin dynamics. He noted that if Bitcoin (BTC) continues to consolidate sideways with rising Bitcoin dominance (BTC.D), alternative coins like SOL may face difficulties. In this scenario, Solana may continue to retreat to find stronger support at the mid-range areas, particularly around the $123 and $116 levels.
These price levels have previously acted as strong support and resistance areas, and they could form key turning points if the downward momentum persists. A breakout towards these targets is likely to coincide with a rise in BTC.D and continued caution among investors in the alternative coin market. Until then, SOL's price remains