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Solana Analyst Sees $123 And $116 As Mid-Zone Support Levels – Here’s Why
- Solana is testing a key demand zone near $150 after facing selling pressure and market sentiment shifts, currently trading 20% below its May high of $185.
- Analyst Efloud emphasizes monitoring Solana's response to Bitcoin dynamics, indicating potential retracement towards mid-zones at $123 and $116 if Bitcoin consolidates sideways and dominance rises.
- The $123 and $116 levels could act as significant support/resistance areas, crucial if bearish momentum persists as investors exhibit caution in the altcoin market.
- Solana's price action suggests vulnerability within a fragile technical structure; traders are monitoring for a rebound or deeper correction.
- Solana stands 50% down from its all-time highs, with attention on critical demand zones determining a potential recovery or further downside.
- A breakout above $168 resistance could trigger an upward move, possibly aiming for $230 as the next major resistance level.
- On the SOL/BTC pair, key levels to watch include 0.0015 resistance, 0.00115 for confirmation, and 0.000988 sats for support.
- Solana's weekly chart analysis emphasizes holding above the $140–$150 support zone, facing resistance at the 50-week moving average near $170.
- Failure to maintain above the 100-week moving average at $132 could lead to further downside, with $123 and $116 identified as subsequent demand zones.
- Volume decline over recent weeks indicates reduced participation and fading aggressive selling, with a potential bullish scenario if SOL reclaims $160 convincingly.
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