Crypto
As most of the crypto market remains in red, Solana (SOL) has started to recover from the market’s sharp correction. The cryptocurrency’s price has surged 7.5% in the last 24 hours, recovering from its three-week low and leading some analysts to suggest the bleeding might be over.
Solana Falls To Three-Week Low
Over the weekend, Solana recorded a 27% price plunge from Friday’s highs to a three-week low of $175. This performance followed the overall market crash, fueled by the US president’s recently announced tariff on the country’s three biggest trading partners.
On February 1, the white house revealed that Donald Trump was implementing new tariffs on imported goods from Canada, Mexico, and China. This measure was met with similar responses from the two neighboring countries, which announced they would implement tariffs on US imports.
The fear of a global tariff war sparked a massive sell-off that saw Bitcoin’s price plummet to $91,200 and Ethereum’s price drop to $2,100. Additionally, the market registered at least $2.3 billion in liquidation, although Bybit’s CEO suggested the figure could be up to $10 billion.
Solana lost the key $200 support zone and fell below $180 on Sunday night. As the market struggled, some analysts suggested that SOL’s price risked a deeper fall. Analyst Ali Martinez noted that SOL could retrace to $138 if it lost the $191 support from its multi-month ascending channel.
Crypto trader Bluntz considers that losing the $220 support was “really bad” for the altcoin, as it resembled 2021’s bearish divergence sign. Additionally, it invalidated the “ABC from the highs” and made it look “more impulsive,” which would require a “miracle” to overcome it.
Crypto SOL Must Hold These Levels
Despite falling below the crucial levels, the cryptocurrency retested the $170-180 support zone and bounced from the $175 mark, attempting to break the $200 resistance in the following hours.
Crypto analyst Jelle noted that Solana “retraced the TRUMP memecoin pump,” which saw SOL reclaim the $220 resistance and jump to its latest all-time high (ATH) of $295.
However, Jelle considered that SOL’s structure “remained sound” during the drop and that its chart looked “very solid” as the cryptocurrency recovered on Monday morning.
It’s worth noting that amid the market bleeding, Solana was among the cryptocurrencies that showed strength. SOL, like BTC, held its key horizontal levels, remaining within its post-US elections price range.
Martinez pointed out that “In the middle of this madness, the TD Sequential indicator presents a buy signal on the Solana daily chart.” Meanwhile, Miles Deutscher highlighted that BTC and SOL’s prices were “now higher than yesterday’s pre-liquidations,” noting the high volatility affecting the market.
Moreover, Solana, alongside BTC and XRP, is among the only top 10 cryptocurrencies recording green numbers. Jelle considers that if SOL closes above the monthly and weekly supports between $200 and $210, it will continue its solid performance to retest the $240 resistance and see “another push for $300.”
As of this writing, Solana is trading at $211, a 7.5% increase in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
Crypto
Rubmar Garcia
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of th
