Following the recent cryptocurrency market crash, Solana (SOL) is trading slightly below $200 but shows resilience compared to other altcoins.
Current Market Situation
While Ethereum has dropped 15% in the last 24 hours, Solana has decreased only by 4.5%. Analyst Ali Martinez has identified some concerning signals for SOL holders. According to his technical analysis, Solana is hovering around the $204.04 level, which may become resistance. The current price is moving within an upward channel, with key support at $191.
Experts' Forecasts
Analyst Ali Martinez warns that if Solana fails to hold above $191, a decline to $138 is possible. These levels are supported by both Fibonacci retracements and historical price indicators. In the short term, sellers have taken control, which could lead to repeated testing of the support level.
Potential Development Scenarios
There are two potential scenarios: if Solana holds above the critical level, it may return to $220 and $240. Otherwise, a decline to $138 is expected. Despite current technical signals, Solana’s ecosystem remains active.
Technical analysis shows Solana may face further challenges, but ongoing activity and investor support could provide resilience for the cryptocurrency.
