As Solana approached a support zone that is important in the short term with the retreat experienced in the last hours, the search for direction in the market began to become clear. Cryptocurrency analysts state that Solana price is losing strength and testing the micro support band, but a broader bullish scenario is still on the table.
Critical Levels in the Short Term
According to technical analysis, Solana started trading at 83.53 levels against the dollar after its recent peak. After these levels, the price headed towards the 81.75 – 80.53 band, which stood out as the first strong support area. Experts state that this region coincides with several withdrawal levels that stand out on the chart.
Analysts interpret the current decline as part of a correction wave. If the buyers manage to remain strong in the support zone and the price holds above $78.81, the current bullish expectation is maintained. Because this level is marked on the chart as the deep cancellation point of the bullish interpretation.
It was noted that if the support zone is maintained, there may be room for a new upward movement after the correction. But if the price declines below $78.81, the current chart will weaken and a retracement trend will become evident.
Consolidation Period After the Sharp Decline
Analyst BitGuru points out that Solana has entered a recovery structure after the sharp decline in the recent past. According to analysis, the last drop starting from $ 93.45 caused a short-term panic. With the subsequent recovery, the price was stuck in a medium-term band and paved the way for an increase.
Recently, Solana price declined to $85 after being rejected from the resistance near $90.95. However, the reversal zone near $82 shown on the chart is still maintained. Analysts think that as long as this level remains above, an upward trend prevails rather than a downward trend.
Determining Factor in Market Direction: Support Zone
Whether or not the short-term support zone in Solana is preserved has become the most important criterion that will determine the next move. If the bulls successfully defend this region, new peak attempts may come to the fore after the breakout. However, if it remains below the support line, the current bullish scenario will be seriously weakened.
Analysts state that despite the recent retreat, the structure still continues to be positive. Especially the fact that the price has formed higher bottoms recently is interpreted as market participants showing resistance to the selling pressure.
Solana maintains the reversal area above $82 despite the recent pullback. The continuation of the rise will depend entirely on the price movement in this region. If selling pressure increases, the bullish scenario may have to be revised.
In the short term, Solana investors continue to closely monitor the current support line and the 78.81 level. In both cases, it seems that the direction of the market will be shaped in the light of these critical levels in the coming days.
