The crypto market is experiencing selling pressure, impacting major assets like Solana. Since early November, nearly all top digital tokens have increased but are now down significantly this year.
Solana’s price has plummeted since reaching $244 on January 30th and is on track to record its fourth straight day of declines. The token fell below $200, with an intraday low of $176 on Monday. Solana briefly regained the $200 level after a rebound but now trades near this price.
Although Solana has partially recovered from its losses, it remains down 6% over the past 24 hours. Among top cryptocurrencies, Solana is one of the least affected, with SOL losing 6%, while TRX and BTC lost 7% and 4%, respectively.
As Solana hovers near $200, traders are watching crucial technical levels. The token broke below its critical daily SMA 200 at $182 but has since regained this level. To prevent further declines, Solana must stay above it.
Crypto analyst Ali warns that if Solana fails to hold above $191, a drop to $138 could be imminent. However, Solana needs to surpass the daily SMA 50 at $211 to escape range trading and aim for a retest of its ATH at $295 in the short term.
Source: https://u.today/solana-sol-returns-to-200-following-huge-crash-whats-next