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Solana Approaches Critical Support Amid Middle East Conflicts – Can Demand Hold?
- Solana (SOL) is facing selling pressure amid rising global uncertainty, triggered by Middle East conflicts and market-wide volatility.
- The altcoin market, including SOL, remains vulnerable to downside as macro risks rise, with SOL now approaching a critical technical level.
- Top analyst Cheds highlighted SOL re-testing a key daily demand zone around $145, a level crucial for maintaining bullish momentum.
- If SOL fails to hold above $145, it could signal further losses, especially if global tensions persist, impacting the broader altcoin market sentiment.
- Traders are closely watching for buyer support near $145 to determine if SOL can bounce back or if the market downturn will intensify further.
- Solana had briefly consolidated below $170 but faced resistance and dropped amidst escalating global tensions, finding itself at a critical support zone.
- Bulls are cautiously optimistic, hoping for a bounce back, but the overall market uncertainty and geopolitical risks have dampened altcoin momentum.
- Solana is currently trading at $145.24 after breaking below key moving averages, with the $145 zone crucial for potential recovery or further retracement.
- A failure to hold $145 could lead to a deeper retracement towards $130, while reclaiming the 100 SMA at $157.46 might indicate renewed bullish momentum.
- Momentum indicators suggest oversold conditions, and traders are advised to stay cautious amid high volatility and macroeconomic uncertainty.
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