Altcoins News
By Sakamoto Nashi
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Solana (SOL), one of the top-performing altcoins earlier this year, has entered a corrective phase, shedding nearly 10% of its value over the past week.
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Solana had attempted to break through the $168 resistance last week but failed to hold that level amid broader market weakness.
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Since May, SOL has traded within a wide range between $145 and $180. Following sharp sell-offs in June, the cryptocurrency slipped back to the lower end of this range and has…
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Analysts note that this ongoing range-bound movement is part of a larger consolidation phase that may soon lead to a breakout—if the current support holds.
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Crypto analyst Lluciano pointed out that Solana is currently trading within a one-month falling wedge pattern, a technical setup typically associated with bullish reversals.
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The wedge’s upper boundary lies between $155 and $160. If SOL can break above this range convincingly, analysts believe it could aim for its May high near $187.
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Lluciano also emphasized Solana’s recovery since March, when it broke out of a multi-month downtrend by rising above a long-term descending resistance.
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While some analysts expect a breakout soon, others caution that Solana could still dip lower before bouncing back.
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Crypto Bullet, a well-followed market watcher, believes that SOL may revisit the $125-$135 zone—an area it consolidated around in April.
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According to him, this would mark the "final dip" before a surge toward $200 and even $220-$250, aligning with bullish cycle expectations.
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Another analyst, known as Rose, noted that Solana’s recent price action is still relatively strong, with the asset consolidating above the $145 support level and its 50-day…
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“If confirmed, we could see targets of $165, $183, and even $220,” Rose said, citing key resistance zones that could be tested if momentum builds.
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While there’s optimism around a short-term price rebound, not all analysts are bullish on Solana’s long-term relative strength—especially against Bitcoin (BTC).
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Altcoin Sherpa, a well-known trader, argued that Solana is unlikely to outperform Bitcoin during the rest of this market cycle, despite its previous success in early 2021 and…
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“Solana isn’t dead, but I don’t see it having a run like it did in 2021/2024,” he said. The analyst pointed out that SOL is currently retesting its November 2023 support levels…
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