The cryptocurrency Solana continues to hover near an important support level at $165. Analysts remain divided on the future prospects for this asset.
Support at $165
Solana must hold the critical $165 support level where 44.4 million tokens (7.42% of the supply) are clustered. A drop below this level could lead to further price declines.
Mobile Launch and Market Reaction
The 9.6% surge on Tuesday coincided with the start of global shipments of the second-generation Web3 smartphone, the Seeker, to over 50 countries. Following this, Solana reached a multi-day high of $171 but subsequently retreated to current levels.
Analyst Predictions and Technical Analysis
Analysts are divided on Solana's short-term outlook. Some, like analyst Crypto Jelle, maintain a bullish stance, claiming Solana is quietly trending higher. Others, such as Crypto Batman, forecast a 10% decline to $150 before any potential rally.
The uncertainty in the Solana market continues, requiring close observation of the situation around the $165 support level. Both positive and negative scenarios may emerge for this cryptocurrency in the future.