Overall launchpad activity has contracted recently, with total volume now hovering around $100 million and about 100 tokens graduating daily.
A rare signal from a legendary market analyst has caught traders’ attention as the Ethereum and Solana price begins to show potential reversal signs. With the broader crypto market still in a slump, a subtle alert from the inventor of one of the most respected technical indicators has analysts wondering whether a major shift is about to unfold in ETH and SOL. Bollinger Inventor Signals Ethereum And Solana Price Explosion John Bollinger, technical analyst and inventor of the world-famous Bollinger Bands indicator, has shocked the broader crypto community after identifying potential “W” bottoms forming on the Ethereum and Solana charts. In his market commentary on X social media, Bollinger noted that while Bitcoin has yet to exhibit similar signals, the ETHUSD and SOLUSD pairs are shaping up in a way that demands attention. Related Reading: Ethereum Price Could Surge To $6,400 With New Bullish Wave, But There’s A Problem Notably, Bollinger’s cautious but bullish statement immediately drew attention from fellow market analysts. Satoshi Flipper, a well-known crypto expert, revealed that Bollinger typically makes only one such market call each year and has not issued one for Ethereum in three years. He disclosed that the last time the Bollinger Bands inventor made a similar statement was in September 2022, just before the ETH price surged from around $1,290 to nearly $4,000. Due to Bollinger’s selective and historically accurate calls, analysts see it as an early sign of a potential reversal of a downtrend or consolidation into an explosive breakout. If the inventors’ analysis proves accurate once again, both Ethereum and Solana could be sitting at the foundation of one of their strongest bull rallies Analysts Predict Bullish Targets For ETH And SOL Two separate technical analyses also highlight an optimistic outlook for the Ethereum and Solana prices. Crypto analyst Lark Davis highlighted that Solana’s chart structure appears “very constructive,” with the Relative Strength Index (RSI) approaching a momentum breakout and the Moving Average Convergence Divergence (MACD) gearing up for a bullish cross. Related Reading: Solana Price At Risk Of 50% Crash To $104 After Forming This Larger Bearish Trend Davis noted that Solana’s price action is forming a clear Double Bottom, a classic reversal pattern. Should the neckline break, he projects a potential price target near $250, provided bulls can defend the 200-day EMA. With Solana trading around $192, a rally to that target would mark roughly a 30% gain. Ethereum’s technical outlook is even more dramatic. Analyst Merlijn the Trader stated on X that ETH has been developing the most explosive setup since the 2017 bull cycle, pointing to a textbook Bullish Pennant pattern on the monthly chart. Historically, such formations precede massive continuation once the price breaks above the upper boundary of the pattern. Merlijn’s chart analysis projects an eventual breakout target around $8,500, suggesting that Ethereum could set a new all-time high soon. Considering that the ETH price is sitting above $4,000, a surge to this bullish target would more than double its value, marking an impressive 110% increase. Featured image from Getty Images, chart from Tradingview.com
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The firm said it is "ripping the band-aid off" by allowing early investors to sell shares ahead of schedule.
CoinDesk sat down with Monad Foundation’s Head of Growth Kevin McCordic to talk about the architecture behind the blockchain.
The New York-based exchange is launching a Solana-themed credit card offering users up to 4% SOL token rewards on purchases.
Solana co-creator Anatoly Yakovenko is building an onchain perps DEX, according to detailed documentation posted on GitHub.
The new Solana edition of the Gemini Credit Card lets users earn up to 4% back in SOL and auto-stake rewards for extra yield.
John Bollinger, the inventor of Bollinger Bands and a figure whose occasional crypto market calls carry outsized weight, says Ethereum and Solana are tracing potential “W” bottoms—while Bitcoin is not. In a post on X on October 18, Bollinger wrote: “Potential ‘W’ bottoms in Bollinger Band terms in ETHUSD and SOLUSD, but not in BTCUSD. Gonna be time to pay attention soon I think.” Potential ‘W’ bottoms in Bollinger Band terms in $ETHUSD and $SOLUSD, but not in $BTCUSD. Gonna be time to pay attention soon I think. — John Bollinger (@bbands) October 18, 2025 Ethereum And Solana Price: What To Watch Now The emphasis on “Bollinger Band terms” is doing heavy lifting here. In classic Bollinger taxonomy, a W bottom is a two-trough reversal with the second low holding above the first, often accompanied by a volatility signature that includes a prior band expansion, subsequent contraction, and a failure to register a lower low at the bands on the second leg. Related Reading: Ethereum Kimchi Premium Spikes To New High — Sign Of Impending Sell-Off? The more robust versions see the second low forming inside the bands or with a positive divergence against the lower band, followed by a band “pinch” and a move through the middle band that transitions into an upper-band walk. Bollinger’s phrasing—“potential” and “time to pay attention”—signals that, in his framework, pattern recognition precedes confirmation, and that the validation trigger lies in subsequent price interaction with the middle and upper bands rather than in the raw shape of the price lows alone. The rarity of Bollinger’s crypto commentary layered urgency onto the signal. As crypto trader Satoshi Flipper (@SatoshiFlipper) stressed, “John Bollinger, creator of Bollinger Bands, makes barely 1 crypto call per year and hasn’t made one for ETH in 3 years until yesterday. And each call he makes goes on to mark generational bottoms. He just told us SOL + ETH have bottomed, now imagine fading this legend.” The same account detailed that Bollinger’s last notable Ethereum call dates to September 9, 2022, noting that ETH “went on to pump from $1,290 to $4,000.” That historical reference captures the prevailing market psychology: Bollinger’s infrequent, technically disciplined alerts are perceived by many traders as cycle-defining. Context from earlier this year also helps frame the setup. On April 10, Bollinger publicly flagged a similar structure in Bitcoin, saying: “Classic Bollinger Band W bottom setting up in BTCUSD. Still needs confirmation.” In the exact same week, BTC carved out a bottom at $74,508 and proceeded to log seven straight green weekly candles, advancing roughly 55%. From Bollinger’s call into the first week of October, BTC rallied more than 70%. Related Reading: Ethereum Will Flip Bitcoin, Predicts Tom Lee: Here’s Why And When The market nuance in Bollinger’s latest readout is the explicit exclusion of Bitcoin. If ETHUSD and SOLUSD are printing W-like structures in Bollinger terms while BTCUSD is not, it implies a temporary decoupling in volatility structure and relative strength. In practical terms, a non-confirming Bitcoin can either lag into a later confirmation, remain range-bound in a mid-band churn, or fail its own setup if lower-band interactions persist without recapture of the middle band. For Ethereum and Solana, confirmation would typically look like sustained closes above the 20-period moving average (the Bollinger middle band), followed by a disciplined advance that converts the upper band from resistance into a guide. A healthy W bottom sequence tends not to produce immediate, vertical band overthrows; rather, it builds a stair-step profile with periodic mid-band checks that hold. Failure would involve another lower-band excursion that undercuts the second trough or a volatility bloom that widens the bands without directional follow-through—both signatures of an incomplete base. At press time, ETH traded at $4,037. Featured image created with DALL.E, chart from TradingView.com
On-chain data offered bullish cues to bitcoin.
As Solana’s (SOL) price attempts to hold a crucial support area, an analyst has warned investors that the highly anticipated “Solana season” might not happen as the altcoin risks a massive price crash. Related Reading: Has The Crypto Treasury Bubble Burst? Tom Lee Thinks So Solana Risks ‘Serious Downside’ On Friday, Solana followed the rest of the market and fell below the $180 support to retest the recent lows. The cryptocurrency started this week by recovering from last week’s correction to its two-month low of $168, briefly attempting to reclaim the $210 resistance on Tuesday. However, the recent market volatility has seen the altcoin lose the $200 level again and retest a crucial support area that could determine SOL’s next move. Amid this performance, analyst Crypto Bullet shared a bearish outlook for Solana, suggesting that a 75% crash from current prices might be coming. In Q2, the market watcher warned that the cryptocurrency’s bull market was “likely over,” highlighting its structure in the higher timeframe chart. Per the post, SOL “had a clear 5-wave Impulse to the upside that ended in January with $TRUMP coin blow off top,” when the altcoin hit its all-time high (ATH) of $293. Based on this, he forecasted that Solana would see an ABC corrective wave pattern in the coming months, with a potential bounce to the $240-$250 area for the B wave, before “the most painful wave down (C).” The analyst affirmed that the cryptocurrency has likely completed the B wave, although it could have a bounce to a new higher high before the breakdown. “The monthly candle still has 2 weeks to close green, but frankly speaking, Solana looks cooked (whether we get a higher high to trap more people or not),” he affirmed. Crypto Bullet cautioned SOL holders that if the C wave has started, they “should be prepared for some serious downside” in the mid-term toward the $40 target. Can SOL Retest $210? Analyst Ted Pillows also cast a warning for investors, asserting that “Solana treasury companies are in free fall right now.” He suggested that the recent dump is partially driven by the halt in institutional bidding. “Until these companies show some recovery, I think Solana’s price recovery will be difficult,” the post read. Despite the bearish predictions, some market watchers consider that SOL’s bullish outlook is still in play. Man of Bitcoin highlighted that Solana’s price is potentially forming a 1-2 setup, which could send its price back to the $200-$210 area. To the analyst, as long as the price holds above the $170 support level, the bullish scenario could continue to play out. Meanwhile, Crypto Yapper noted that Solana is currently retesting a double support in the daily chart, which could set the stage for a 15%-20% bounce. Related Reading: Ethereum Ready For ‘Rapid Expansion’ As Price Holds $3,900 Support – 30% Rally Coming? Per the post, SOL’s price is retesting the lower boundary of a 2-month falling wedge formation and the crucial $170-$180 horizontal level, which has served as a major support and resistance level throughout the year. Holding these levels in the daily and weekly timeframe could spark a rebound and propel the price to retest the falling wedge’s upper boundary and the crucial horizontal resistance around the $210-220 mark, the analyst noted. As of this writing, SOL is trading at $182, a 12.6% decline in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Solana meme economy has evolved into one of the most explosive forces in crypto, and the community is now moving billions in daily trading volume. The culture surrounding SOL’s meme coins has become a foundational driver of its network activity, liquidity, and overall market dominance in decentralized exchange (DEX) trading. How Meme Liquidity Fuels Solana’s Growth Crypto analyst known as BagCalls on X has pointed out that the memecoin menia and Degen energy culture of Solana is what defines the project. This is where the project SolsticeFi steps in, and it’s building a native stablecoin and yield infrastructure designed to anchor the ecosystem. By offering institutional-grade yields through delta-neutral strategies and its YieldVault, the project is positioning itself as a cornerstone of maturity in SOL’s DeFi landscape. Related Reading: Solana Network Activity Drops 50%: Is The Rally Built On Weak Fundamentals? BagCalls noted that this kind of innovation transcends the customary hype cycle. It also generates a lasting and underpinning aspect in the SOL decentralized finance (DeFi) ecosystem, which marks an impressive move toward the maturation of the on-chain financial environment of the network. The Founder of BITMEN, BitmanTW, has also offered a compelling vision for Solana’s trajectory, that the SOL network is turning the internet’s capital market. SOL has already decisively scaled transactions, proving its capacity for high throughput and low-cost operations, while scaling its yield. At the center of this evolution is SolsticeFi, the project that’s building a baseline yield layer for SOL’s DeFi ecosystem, which Bitman calls the missing piece. Powered by USX and YieldVault, SolsticeFi delivers institutional-grade performance with a native-first design. The core of this new infrastructure is USX, a Solana-native synthetic stablecoin, which has seen explosive adoption, surpassing $210 million in Total Value Locked (TVL). By attracting over 18,000 holders, USX has become the 5th largest stablecoin on SOL in just four days. Meanwhile, YieldVault provides access to tokenized delta-neutral strategies, currently delivering around 8% APY and boasting 100% positive months over the past three years. With eUSX, users can earn a baseline yield while remaining fully flexible to move liquidity into any DeFi opportunity. Solana’s Continued Functionality As A Core Strength According to the first Korean certified Elliott wave analyst, XForceGlobal, Solana remains one of the few assets that still works correctly within its broader market structure, even after posting an impressive 150% bounce from recent lows. Related Reading: Solana (SOL) Price Risks Drop Below $200 After Losing Key Support, Analyst Warns XForceGlobal emphasized that SOL appears to be nearing the conclusion of its B wave, a phase in Elliott Wave theory often characterized by retracement and correction before the next impulsive move. The analyst suggests this B wave has either already completed near the 88.6% Fibonacci retracement level, or could still be working toward a final all-time high (ATH) fake-out into an expanded B pocket. Featured image from Adobe Stock, chart from Tradingview.com
The updated protocol is "seamlessly integrated" into all Jupiter products, including its mobile and desktop apps as well as its API and Pro Tools.
This could simplify the user experience, removing the need to use complex bridges or switch between different wallets and applications
The Solana price rebounded quite nicely from the October 10 crash, quickly reclaiming $200 after hitting as low as $150 on some crypto exchanges. Despite this, though, the altcoin is still not out of the woods, with bearish indicators that seem to be piling up around it. Unless something changes soon, the Solana price could be gearing up for another major hit that could send it down even lower than the legendary flash crash. Friday’s Crash Was Only Confirmation Of Bearish Pattern For Solana Price While the broader market thinks that the October 10 crash has come and gone, leaving the market in a more bullish state, one analyst deviates from this and believes that this has actually set the Solana price on a more bearish path to more declines. Related Reading: Analyst Reveals The Chances Of The XRP Price Rallying 300% To $9 This Bull Run According to an analysis shared on the TradingView website, crypto analyst Klejdi Cuni shows that the Solana price actually confirmed a larger bearish pattern after the crash triggered by Donald Trump’s 100% tariff comments on China. As a result, the entire bearish trend is yet to actually play out. Not only is the Solana price already on track for more corrections, but it is also further at risk as the Bitcoin price struggles to hold up. After initially recovering, the Bitcoin price has since been on a slow decline, and altcoins such as Solana have been affected as well. With the Bitcoin price already struggling, the analyst believes that the Solana price is already looking at a decline to at least $170. However, in the event that the entire bearish narrative does play out, then the Solana price is at risk of crashing 50% to $104. SOL ETFs Could Change The Narrative Amid the expected bear pressure, there is still the topic of pending Solana ETF applications that could change the entire narrative. Data from The Block website shows a total of 11 Solana ETFs that are pending a decision from the Securities and Exchange Commission (SEC). Related Reading: Is Bitcoin About To See A Repeat Of 2020-2021? What Happened After The Last Flash Crash If these Solana ETFs are approved for trading, it could trigger a large influx of institutional liquidity into the altcoin. Just like the trend seen with the Bitcoin and Ethereum ETFs, this could lead to a surge in the Solana price, effectively eliminating the bears from the table. At the time of writing, the Solana price was still trending above $200. However, with the Bitcoin price skirting around $111,000, it is possible that the altcoin could suffer a crash below $200 before finding its footing once again. Featured image created with Dall.E, chart from Tradingview.com
Solana is taking a breather after a strong rally, now testing the crucial $195 support zone. Traders are watching closely to see if the bulls can defend this level and set the stage for a potential comeback. Solana Begins A Healthy Pullback After Recent Rally In a recent update, BitGuru highlighted that Solana (SOL) appears to be entering a healthy pullback phase following a sharp rally and partial recovery. This retracement is part of a natural market rhythm, allowing the asset to cool off after its recent burst of bullish momentum. Such pauses often serve as a foundation for more sustainable future growth, rather than signaling weakness. Related Reading: Historic Liquidation Event Highlights Solana Resilience Against Ethereum, Which Is Leading? While SOL’s price is hovering around the $203 mark, it is also facing strong resistance near $210. The market structure remains constructive, with buyers still active, though slightly cautious after the recent volatility. Should bulls manage to hold their ground and push through $210, BitGuru suggested that Solana could target the $225–$230 region in the short term. Conversely, if the price fails to clear resistance and loses support, a brief consolidation between $190 and $210 could follow. Short-Term Bearish Momentum Takes Hold Below Key Averages In a recent post, crypto analyst BeLaunch shared insights on Solana’s current price action, noting that the asset is showing signs of a short-term pullback following its strong rally. At the time of analysis, SOL’s price was trading around $199.45, marking a 1.84% gain, though still below its daily high of $208.91. The move reflects a mild cooling period after an upward surge. Related Reading: Solana (SOL) Pushes Higher Again – Has It Finally Found Its Short-Term Bottom? From a technical perspective, the price of Solana has dipped below key moving averages, indicating a shift toward short-term bearish momentum. The asset is currently testing a key support zone near $195.53. However, BeLaunch observed that the recent decline came on lower trading volume, suggesting that selling pressure might be easing rather than intensifying. According to the analyst, Solana’s structure points to a phase of consolidation rather than a full reversal. The price action appears to be forming a base after its breakout run, giving the market room to breathe before its next move. BeLaunch concluded that a sustained hold above $195 could trigger a rebound, potentially setting the stage for Solana to retest higher resistance levels near $210 and beyond. Conversely, a breakdown below this level could lead to a deeper retracement. However, in the broader outlook, the current weakness may represent a healthy reset within a larger bullish structure rather than a bearish trend reversal. Featured image from Pixel Plex, chart from Tradingview.com
Nasdaq-listed DeFi Development Corp. paid an average of about $110 per token to boost its Solana treasury holdings by nearly 5%.
The bounce from the recent leverage flush has failed for the moment.
Jito Foundation will use the funding to grow its validator technology, staking protocol, and developer tools on Solana.
Nansen and Sanctum have launched a new liquid staking framework on Solana designed to make staking SOL as easy as swapping a token. The system, dubbed the “universal staking router”, links multiple liquid staking tokens (LSTs) such as mSOL, jitoSOL, and bSOL into one standardized route. Instead of users choosing individual validators or juggling different […]
The post Can Solana’s $11.6B staking reboot pull liquidity from Ethereum’s L2s? appeared first on CryptoSlate.
"I expect the market will catch its breath and renew its attention on crypto's fundamentals," Hougan said.
The sudden and violent market correction triggered by geopolitical shockwaves served as an unprecedented stress test for the entire cryptocurrency ecosystem, exposing critical differences in network architecture. While the multi-billion-dollar liquidation event sent prices plunging across the board, Solana demonstrated remarkable resilience, whereas the Ethereum network and liquidity thinned during the peak volatility. Why Solana High-Performance Design Continues To Shine In an X post, the Nasdaq-listed go-to Solana Digital Asset Treasury (DAT), DefDevCorp, has revealed that when the largest liquidation event in crypto history hit last Friday, most of the market froze, and Ethereum stumbled. However, Solana didn’t flinch, powering through one of the most chaotic trading sessions ever recorded. Related Reading: Solana Shines Bright: Network Excels Amid Largest Crypto Liquidation Event At the peak of volatility, Solana sustained 1,225 transactions per second, finalized blocks in just 350 milliseconds, and saw transaction fees briefly rise to $0.25 before normalizing below $0.01. Meanwhile, ETH’s infrastructure buckled under demand as the network struggled to process beyond 26 TPS. Its block times extended to 15 seconds, and saw average gas fees explode to $616, effectively locking out users and rendering the chain unusable during the crisis. ETH became unreliable, impractical, and effectively unusable during the chaos. As DefiDevCorp noted, when users are priced out and transactions can’t clear, the network might as well be offline. In moments of high load, the core promise of a blockchain to remain accessible, affordable, and reliable must hold. However, after nearly 20 months of uninterrupted uptime, weathering its busiest moments, it’s abundantly clear that SOL’s continued upgrades and optimizations have paid off dramatically. DefiDevCorp concluded that no other chain currently comes close to handling global value transfer at this scale, under such extreme conditions, with the same level of performance. The takeaway from the firm’s post is that only SOL stays fast, cheap, and usable, even when global markets melt down. Why SOL Price Doesn’t Match Its Reliability A Researcher at alphapleaseHQ and Advisor at KaminoFinance, Aylo, has also mentioned that he had assets and Decentralized Finance (DeFi) positions open on both Solana and Ethereum when the crypto market collapsed last Friday. During this time, he had zero issues using the SOL network, while the ETH network was unusable due to the costs, which often led to market crashes, and the Rabby wallet also went down. Related Reading: No Chain Comes Close: Solana Leads With 2.5x Ethereum’s Revenue Aylo added that the ETH maxis should be much angrier about the performance of their L1. With this development, SOL continues to prove it’s the most performant and reliable blockchain under real-world pressure that we have in crypto. He pointed out that SOL’s valuation doesn’t reflect the resilience it is proving in the digital world. Featured image from Adobe Stock, chart from Tradingview.com
Ark Invest has reportedly taken a 11.5% Solmate (SLMT) stake while the company said it bought $50 million discounted SOL from Solana Foundation.
Solana started a fresh increase above the $188 zone. SOL price is now consolidating above $200 and might aim for more gains above the $208 zone. SOL price started a fresh upward move above the $185 and $188 levels against the US Dollar. The price is now trading above $200 and the 100-hourly simple moving average. There is a bullish trend line forming with support at $199 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend gains if it clears the $208 resistance zone. Solana Price Jumps Further Above $200 Solana price started a decent increase after it settled above the $172 zone, beating Bitcoin and Ethereum. SOL climbed above the $180 level to enter a short-term positive zone. The price even smashed the $188 resistance. The bulls were able to push the price above the 61.8% Fib retracement level of the main drop from the $225 swing high to the $155 low. Besides, there is a bullish trend line forming with support at $199 on the hourly chart of the SOL/USD pair. Solana is now trading above $202 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $208 level and the 76.4% Fib retracement level of the main drop from the $225 swing high to the $155 low. The next major resistance is near the $218 level. The main resistance could be $225. A successful close above the $225 resistance zone could set the pace for another steady increase. The next key resistance is $242. Any more gains might send the price toward the $250 level. Another Pullback In SOL? If SOL fails to rise above the $208 resistance, it could start another decline. Initial support on the downside is near the $199 zone and the trend line. The first major support is near the $195 level. A break below the $195 level might send the price toward the $190 support zone. If there is a close below the $190 support, the price could decline toward the $180 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $199 and $190. Major Resistance Levels – $208 and $218.
Solana-based liquidity layer Kamino is integrating crypto prime broker Project 0 to unlock cross-margin lending using a single pool of credit.
“ETF inflows remain strong, exchange balances near cycle lows, and the broader narrative is arguably stronger after the washout,” one analyst said.
Solana started a fresh increase above the $180 zone. SOL price is now consolidating above $185 and might aim for more gains above the $200 zone. SOL price started a fresh upward move above the $175 and $180 levels against the US Dollar. The price is now trading below $200 and the 100-hourly simple moving average. There is a bullish trend line forming with support at $188 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend gains if it clears the $200 resistance zone. Solana Price Eyes More Gains Solana price started a decent increase after it found support near the $155 zone, beating Bitcoin and Ethereum. SOL climbed above the $172 level to enter a short-term positive zone. The price even smashed the $180 resistance. The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $225 swing high to the $155 low. Besides, there is a bullish trend line forming with support at $188 on the hourly chart of the SOL/USD pair. Solana is now trading below $200 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $198 level and the 61.8% Fib retracement level of the downward move from the $225 swing high to the $155 low. The next major resistance is near the $200 level. The main resistance could be $205. A successful close above the $205 resistance zone could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level. Another Decline In SOL? If SOL fails to rise above the $200 resistance, it could start another decline. Initial support on the downside is near the $190 zone and the trend line. The first major support is near the $182 level. A break below the $182 level might send the price toward the $175 support zone. If there is a close below the $175 support, the price could decline toward the $160 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $188 and $182. Major Resistance Levels – $198 and $200.
With interest rates at a 3-year low and $18 billion in ETF inflows, CoinDesk Indices sees a strong setup for continued gains in BTC and altcoins.
Amid the recent market volatility, Solana (SOL) has lost a crucial area for the first time in over a week, leading some analysts to forecast a potential drop toward the $200 support and below in the coming days. Related Reading: Major Event Management Platform Raises $2M To Expand Stablecoin Payments Across Entertainment Industry Solana Pullback Eyes $200 Retest Solana fell from the $225 area and recorded a 6.6% intraday retrace below the $210 level for the first time in two weeks. Notably, the cryptocurrency has been trading within the $210-$245 levels over the past month, briefly losing this range during the late September pullback. As “Uptober” arrived and the overall crypto market recovered, the altcoin bounced from the recent lows, reclaiming the mid-zone of its local price range. Over the past week, SOL traded within the $220-$235 area, retesting both the upper and lower boundaries of this zone throughout this week’s volatile market performance. Multiple market watchers warned that losing $215-$220 area could determine whether SOL’s short-term rally was at risk. On Friday morning, the altcoin lost this crucial zone, hitting a one-week low of $207. Analyst Crypto Batman forecasted that Solana would likely head lower before bouncing, highlighting two key support areas. He suggested that the altcoin’ could retrace deeper into its Bullish Fair Value Gap (FVG), between $210-$220, which previously served as a key resistance level. However, if the price continues to fall, he pointed out that a retest of SOL’s two-month ascending trendline, currently around the $200 mark, would be possible. This trendline was tested as support in late September, when the altcoin fell to the $190 level. Similarly, Crypto analyst Man of Bitcoin had affirmed that holding the $216 level was crucial to preserve a bullish scenario in which the cryptocurrency rallied toward the $270 without major pullbacks. The analyst cautioned that losing this area would invalidate the bullish setup and likely push the price down toward the local range lows, potentially risking a drop to the $200 barrier. SOL’s Make-Or-Break Level Meanwhile, market watcher Follis recently stated that SOL has “one of the cleanest” high timeframe charts in the market. He noted that Solana’s 100-day Exponential Moving Average (EMA) indicator in the daily chart holds “the key.” Notably, this indicator, currently sitting around the $200 area, has been tested as support and bounced from each time the cryptocurrency has failed to break a major resistance level since August. Based on its recent performance, if the altcoin holding the EMA100 on the daily timeframe could see a rebound and target the range highs. On the contrary, if this level is lost, the cryptocurrency risks falling to the September lows. Related Reading: BNB Chain Memecoin Season? 70% Of Investors In Profit As Four.Meme Surpasses Pump.Fun Despite the short-term correction, some analysts remain optimistic about SOL’s end-of-year rally, suggesting that it will continue its path to new highs after the retrace. “$320 remains the target,” Trader Koala affirmed, “Pullback first though.” As of this writing, Solana is trading at $205, a 12.1% decline in the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
The multi-step bottoming process could be slow due to several reasons, including liquidity constraints over the weekend and slow absorption of supply.