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Solana Price Prediction – Why Pullback from $200 Won’t Stop SOL’s Rally
As the crypto market continues to navigate through its latest price fluctuations, one asset that has caught the attention of many investors is Solana (SOL). Despite a recent pullback from the previously reached high of $206.3, the prospects for SOL remain bullish, and this article will explain why.
At the time of writing, SOL has retraced 11.2% to trade at $183.3, a move that has seen some investors wondering if this is an opportunity to buy or wait it out. The answer lies in understanding the fundamental factors driving the market.
Firstly, a glance at Solana’s recent price action reveals a strongly bullish trend. The asset had broken out past its May high of $187.7 and went on to reach new heights before retracing. This bears witness to strong buying pressure that is unlikely to dissipate anytime soon.
The importance of the $183 area cannot be overstated, as it has been revealed by the 2-week liquidation heatmap that this level is a key liquidity cluster. The price action in recent hours saw this area swept, signaling an early indication that Solana might be ready for a trend reversal.
However, there are concerns surrounding a potential short-term dip to $168. A move below $181.5 would signal this likelihood over the next few days.
Despite this possible short-term correction, long-term prospects remain robust. The $220 and $260 resistance levels become the next targets as rising demand and bullish conviction on social media fuel the next rally.
This information does not constitute financial investment or trading advice and is solely based on the writer’s opinion.
Source: eng.ambcrypto.com
