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Solana Retraces TRUMP Meme Pump Gains But Technicals Suggest A $300 Run
Solana (SOL) faced a brutal selloff yesterday, mirroring the broader market collapse triggered by escalating U.S. trade war fears. The price plummeted over 19% in less than 24 hours, wiping out weeks of gains and sending shockwaves through the crypto market. Investors are now bracing for more volatility, as the bearish momentum could extend into the week ahead. Related Reading: Bitcoin Price Must Hold Above $97K To Sustain Momentum Metrics Top analyst Jelle shared a price chart on X, highlighting that Solana has completely retraced the TRUMP meme coin pump. The rapid decline saw SOL drop as low as $175, marking one of its steepest single-day corrections in recent months. This level is now a critical zone for bulls, as further weakness could expose Solana to deeper losses. With market sentiment shifting drastically from bullish to fearful in just hours, traders wonder if Solana can recover or if another leg down is imminent. The coming days will be crucial as SOL attempts to stabilize and reclaim key support levels to prevent further downside. Solana FacesSelling Pressure But Remains Strong After yesterdays brutal market selloff, Solana (SOL) has become a focal point for investors seeking strong plays amid the chaos. The entire crypto market plummeted as U.S. trade war fears triggered widespread panic selling. Solana was no exception, dropping over 19% in less than 24 hours. However, despite the negative environment and extreme volatility, long-term price action remains intact, suggesting that Solana could recover faster than most assets once the market stabilizes. Top analyst Jelle shared a technical analysis on X, revealing that Solana has completely retraced the TRUMP meme coin pump, falling as low as $175 before finding support. Jelle remains optimistic about Solanas future, stating that its structure is still sound. He highlights that a close above M&W support would confirm another push higher, setting the stage for a strong recovery. According to his analysis, its only a matter of time before SOL revisits the $300 level, as long as it holds key structural levels. Related Reading: Bitcoin Trades At Discount For The Past Month Signaling Selling Pressure What This Means With the entire market facing heightened volatility due to macroeconomic uncertainty, this week will be crucial for Solanas next move. If SOL can reclaim major support levels and break through immediate resistance, a strong recovery could be on the horizon. However, if selling pressure persists, the market could see further downside before a new accumulation phase begins. SOL Holding Above Key Levels Solana is trading at $199 after a small recovery from the $175 low, surging over 13% in the past few hours. Despite the recent bounce, market sentiment remains fearful, and selling pressure could persist throughout the week. Bulls must reclaim key levels quickly to regain momentum and prevent further downside. If SOL wants to confirm a bullish reversal, it must push above the $220 mark in the coming days. This level acted as strong support before the recent breakdown, and flipping it back into support would signal strength. However, given the current market uncertainty, a recovery may take time, and SOL could see more choppy price action before making its next move. The key level to watch on the downside is $189, where the 200-day exponential moving average (EMA) currently sits. If SOL loses this level, a deeper correction could follow, potentially leading to a retest of lower support zones. Bulls need to hold this mark to prevent a more extended decline. Related Reading: Chainlink Could Target $30 Once It Breaks Bullish Pattern Top Analyst For now, all eyes are on SOLs ability to reclaim critical resistance levels. If the price stabilizes and demand picks up, Solana could be primed for a strong rebound. However, further weakness could extend the correction phase. Featured image from Dall-E, chart from TradingView
