Solana Freefall Warning: SOL Price Faces Critical $150 Test as Support Teeters
Solana's foundation cracks as key technical levels threaten to give way.
Technical Breakdown
The $150 support level isn't just another number—it's the last line of defense against a steeper decline. Market watchers see SOL hovering above what could become either a launchpad or a trapdoor.
Market Psychology at Play
Traders eye the charts with a mix of anticipation and dread. Each bounce off support builds hope, while every test weakens the structure. The crypto crowd knows all too well how quickly 'critical support' can transform into 'historic resistance.'
Broader Implications
A breach below $150 wouldn't just hurt SOL holders—it would send ripples through the entire altcoin ecosystem. Solana's performance often acts as a bellwether for speculative digital assets, making this showdown more than just one token's battle.
Remember when traditional finance types said crypto markets lacked sophistication? Watching billion-dollar assets dance on technical levels sure makes stock charts look boring.
Solana Price Retest Major Support
On Thursday, solana lost the $200 level as support after closing the day below this level for the first time in nearly a month. The cryptocurrency has been trading inside the $120-$220 price range since early February, finally breaking out of this range in mid-September.
A week ago, the market’s bullish momentum and strong corporate treasury purchases pushed SOL’s price to an eight-month high of $253, leading many investors to anticipate the long-awaited rally to higher levels.
However, this week’s pullbacks have sent most cryptocurrencies below crucial levels, with Bitcoin and ethereum dropping to $108,000 and $3,800, respectively. Meanwhile, Solana has seen a 20% decline in the weekly timeframe, losing the $200 level.
Analyst Sjuul from AltCryptoGems asserted that SOL was “in freefall after that nasty deviation back into the range.” If Solana fails to hold the current $190-$200 range, the analyst considers it would be “very difficult” to find strong support before the demand zone around $150, a level not seen since the start of July.
Similarly, market watcher Wise crypto also noted that Solana could be in a make-or-break retest, as it retests a critical support zone and the overall market still shows some signs of weakness.
According to the post, SOL has been trading within an ascending channel since April, bouncing between the upper and lower boundaries throughout this period.
If the market’s recent volatility continues, the cryptocurrency could retest the channel’s support zone, around the $177-$188 levels. “If this zone breaks, the next major support is down below $150 — so caution is key,” they added.
SOL Bounce Eyes $200 Reclaim
Despite the volatility, Wise Crypto also signaled that “Stochastic RSI is signaling oversold conditions, suggesting a potential bounce could be on the horizon.” As a result, if SOL holds this support area, a MOVE toward the $250 barrier could follow.
As Solana approached its major ascending trendline, Crypto Batman noted that SOL has bounced from this level each time it has retested it, suggesting that “In the midst of chaos, you have to look at things from a different perspective.”
Notably, SOL bounced from the recent lows on Friday Morning and is currently attempting to break above the $200 psychological barrier.
Nonetheless, the cryptocurrency must daily close above this key level and continue to hold it over the weekend to transform the pullback into a downside wick deviation in the weekly timeframe.
Ted Pillows added that if this level is reclaimed, the $208-$210 area, near the 10-day Moving Average (MA), WOULD be the next target.
According to the market watcher, reclaiming and holding above that level would be the first bullish sign, which could potentially push Solana’s price toward $216–$220, NEAR the 30-day MA.
As of this writing, SOL trades at $199, a 1.4% increase in the daily timeframe.
