SOL declines more than 16% since Friday as traders eye key support levels
Solana (SOL) faced heavy selling pressure over the weekend, dropping more than 16% from Friday’s high near $216 to trade at around $181 on Monday. The decline underscores the difficulty buyers are having in breaking through the strong resistance zone near $200–$220, a level that has repeatedly capped rallies this year.
On Friday, Solana surged above $210, testing the upper boundary of its multi-month range. However, the move quickly reversed, with SOL losing nearly $35 in value as profit-taking and broader market weakness pushed prices lower.
The daily chart shows that Solana was rejected precisely at the same resistance area that halted upside momentum in March. Analysts suggest this could signal a short-term top. According to BITX Analyst , “Until Solana can close decisively above $220, this zone will continue to act as a wall. Bulls need stronger volume to sustain a breakout.”
The pullback brings Solana closer to several critical support levels. Immediate demand sits around $165–$170, marked by the recent consolidation zone highlighted in green on the chart. Below that, the $140 region remains an important area where buyers previously stepped in during June.
Market analysts warn that if these supports fail, SOL could revisit the $120 zone, which has historically served as a strong accumulation area. On the upside, only a confirmed daily close above $220 would open the door to higher targets.
Market outlook
Despite the correction, some experts remain optimistic. According to BITX strategist , “Corrections like these are part of healthy market structure. Solana has shown resilience since June, and as long as it holds above $165, the broader uptrend remains intact.”
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.