Following a bearish monthly close, sellers have tightened their grip on the crypto markets. Bitcoin price slipped below $107,500, breaching a crucial support level near $108,000, while Solana price plunged to $176, losing its strong October base between $178 and $180. The weak start to November has left traders cautious, as the SOL price dropped over 8% amid low trading volume and fading bullish momentum.
The total crypto market capitalization also declined as traders booked profits after the recent rally. With this pullback, Solana has officially entered a weekly downtrend, and if selling pressure persists, the token could soon revisit its key demand zone near $165. This zone has historically served as a strong rebound area, potentially halting further downside and fueling a fresh move toward the $200 resistance in the coming sessions.
What’s Next for the Solana (SOL) Price Rally?
Solana’s price action has entered a decisive phase as the token consolidates near $187 following a sharp pullback from recent highs. The chart reveals a clear structure of lower highs, indicating growing bearish momentum after repeated rejections around $240. With the recent breakdown below $180, SOL is testing crucial mid-range support levels, leaving traders watchful of a potential deeper correction. The broader market sentiment appears cautious, suggesting volatility could intensify if Solana fails to reclaim the $200 resistance soon.
The chart shared by a popular analyst, Ali, illustrates Solana’s multi-month range between $100 and $260, highlighting a possible downward trajectory if the $158–$165 support fails to hold. The dotted projections suggest a potential short-term rebound toward $200 before a continuation of the downtrend, possibly dragging SOL toward the $130–$100 zone by early 2026. The setup implies a lower-high structure consistent with bearish continuation, unless buyers manage to break above $200 decisively—an outcome that could re-establish bullish strength and challenge the upper resistance near $240.
Wrapping It Up!
Traders remain cautious amid broader crypto market weakness, as Bitcoin’s decline below $108,000 continues to weigh on altcoins. A rebound in BTC above $110,000 could provide a much-needed lift to Solana’s recovery and restore confidence among bulls. Until then, SOL may continue consolidating within a narrow range, awaiting a clear breakout signal.
Solana’s short-term outlook remains bearish, but its long-term fundamentals continue to offer hope for a rebound. The $165 demand zone will be critical in determining the next major move—holding above it could reignite buying pressure and set the stage for a retest of $200. However, if market sentiment worsens and BTC remains weak, SOL could face further downside before a sustainable recovery emerges.
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