Is Solana’s $200 Dream Just a Mirage? 🤔💸

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As the month draws to a close, the crypto market finds itself in a rather crimson state, reminiscent of a poorly painted canvas. Solana (SOL), that once-glorious beacon of hope, is now retesting a support level that could very well dictate its fate in the short term. An analyst, with the wisdom of a sage, suggests that maintaining the current range over the weekend is crucial for the long-anticipated rally back to the elusive $200. Ah, the sweet taste of optimism! 🍀

Solana Hits Multi-Week Low

In the midst of this market pullback, most cryptocurrencies are experiencing a red Friday, as if they all decided to wear the same unfortunate outfit. Bitcoin (BTC) and Ethereum (ETH) are momentarily losing their footing, and Solana, the once-mighty altcoin, has joined the ranks with a 6% retracement. How delightful! 🎢

Once upon a time, SOL was on a recovery path from its multi-month downtrend, having hit a 14-month low of $95 in early April. Over the past month and a half, it has reclaimed several crucial levels, setting the stage for what could be a spectacular rally. Or not. Who knows? 🤷‍♂️

Yet, despite its recent highs, Solana struggles to reclaim the key $180 resistance, having peaked at a three-month high of $187 just a week ago. If only it could break through this barrier, it might just flirt with the $200 mark, leading to a rally that would make even the most stoic investor shed a tear of joy. 😢

Today, however, Solana finds itself at a 22-day low of $156, having lost its $164-$180 price range and the $160 support zone for the first time since the breakout on May 8. A tragic tale indeed! 📉

Trader and analyst Crypto Bullet, with a name that inspires confidence, has shared a rather bearish outlook for Solana, suggesting it will underperform for the remainder of the year. He points out that SOL’s trading pair against ETH has been trapped in a rising wedge since the Q4 2024 rally. How poetic! 📊

Solana Chart

According to the SOL/ETH chart, the cryptocurrency has broken down after losing the 0.069 mark. To Crypto Bullet, this signals that “ETH will soon pump way harder than SOL.” A bold prediction, indeed! 💪

All Eyes On SOL’s Weekly Close

Analyst Rekt Capital, who sounds like he should be giving TED Talks, has pointed out that Solana is attempting to maintain its Weekly Closing within its Range High resistance, which is crucial for its long-term rally. No pressure! 😅

He previously explained that the cryptocurrency re-entered its Post-Halving Re-Accumulation Range after reclaiming the $120 barrier last month and consolidating within the $160-$175 range high. A tale of resilience! 🌟

Solana Weekly Close

According to Rekt, SOL’s price “needs to continue demonstrating price stability” around this zone, as that is what is “required for SOL to break out from this range into the $200+ levels.” Simple enough, right? 😏

He emphasized that Solana must aim for a retest similar to late 2024, when it built a base around the Range High ahead of a breakout that led to the $200 mark. Ah, the nostalgia! 🕰️

Rekt Capital also warned that SOL must not close below the current price zone, as it would “tease a possible loss of this region as support.” A drop below this range could lead to a retrace into the Range Low, between the $120-$135 mark. The stakes are high! 🎲

As of this writing, Solana trades at $159, marking an 11.6% decline in the weekly timeframe. What a rollercoaster ride! 🎢

Solana Price Action

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2025-05-31 10:18