Analyst suggests that Solana may retest the $180 level if support holds firm

Market analyst Trader-Saylor suggested that Solana might retest its highs from late October if it manages to maintain its support level provided by its long-term upward trend line.

On October 29, Solana peaked at a three-month high of $182 as the market gained bullish momentum. However, this fifth-largest cryptocurrency faced rejection at its resistance level, dropping over 9% to its current price.

Trader-Saylor indicated that he anticipated a correction as investor sentiment shifted toward skepticism. He attributed this outlook to global economic instability, rising inflation, and the reluctance of the Federal Reserve to lower interest rates, all of which contribute to a downward trend.

Nonetheless, he noted that Solana still has the potential to revisit levels above $180, where it was rejected in late October. In an analysis from TradingView on November 4, he identified a critical support level that Solana needs to hold before making another bullish move.

Analyst identifies key support

Trader-Saylor believes that the cryptocurrency must maintain its support zone derived from its long-term upward trend line for a reversal to occur. The accompanying one-dimensional chart reveals that this support is around $151.7.

This means SOL would need to adjust by 7.9% from its current market price to reach the supply zone. According to the analyst, a rebound from this support, along with increasing investor interest, could lead the coin to retest the $180 level.

Jappier offers conflicting market outlooks

While Trader-Saylor predicts further correction down to $151.7 for Solana, analyst Jappier suggests that the “Ethereum killer” will experience growth from its current market price. In today’s TradingView analysis, Jappier affirms that a rise in Solana’s value is likely.

He observed that Solana's recent consolidation seemed aimed at “trapping traders on the wrong side of the market.” Nevertheless, the analyst insists that the structure on a higher timeframe remains bullish, anticipating more upward movements.

Jappier's chart depicts an imminent breakout from a bullish expanding triangle on the 4-hour SOL/USDT timeframe. He claims that this breakout could propel Solana to $174.12, with the next target set at $194.53. In the meantime, he predicts the altcoin could reach $200 within this month.

At the moment, Solana is trading at $163.15, experiencing a slight decline over the past 24 hours. The fifth-largest cryptocurrency by market capitalization has surged by 292% over the last year, outperforming many high-end assets.