After hitting a new multi-month low, Solana (SOL) is trying to hold a key long-term support level as the week draws to a close. While some analysts believe the altcoin is set for a rebound, others caution that any potential rally may not last long.
Solana showed signs of recovery on Friday, rising 7.7% toward the $125 mark. This followed a drop of nearly 9% on Thursday afternoon, which pushed its price to an eight-month low of $116 amid a broader market correction. During the decline, SOL briefly fell below the important $120 level—a threshold it hadn’t broken since April—before bouncing back.
Analyst Crypto Batman pointed out that Solana is not only testing a major support level that has held for the past two years, but it is also forming a bullish divergence on the 3-day chart, similar to what was seen before a significant low earlier this year. In his view, this could signal that SOL is nearing a bottom and may soon start recovering toward its higher range limits.
However, another observer, Crypto Scient, emphasized that context is important. He noted that SOL is currently at the lower end of its multi-year trading range, testing this area for the first time after being rejected from the range highs. While he acknowledged that SOL has shown signs of distribution over nearly two years, he added that range lows rarely break on the first attempt. Scient also highlighted substantial liquidity between $175 and $190, which he believes is likely to be tapped at some point, even in a bearish environment. According to him, a move higher to absorb that liquidity before any further decline would make sense.
Meanwhile, analyst Rekt Capital identified the $123 horizontal support as a critical level for Solana. Holding above it could prevent a breakdown to multi-year lows. Historically, bounces from this support have led to strong rallies, but each rebound has been weaker than the last—the most recent one only gained 15%. This suggests diminishing bullish momentum at this level, which could influence SOL’s monthly close.
A monthly close above this support would keep SOL positioned for a weaker rally, while a close below $123 would signal a significant shift. The latter scenario would indicate that distribution is already underway and show how much the support has weakened since earlier this year. It could also mirror SOL’s early 2022 behavior, when similar price action preceded a prolonged bear market.
Ultimately, it remains to be seen whether Solana can close December above this key level and stage a rebound, or if a breakdown will accelerate selling pressure.
At the time of writing, Solana is trading at $126, down 3.4% over the past week.
Frequently Asked Questions
FAQs Analyst Predicts Solana Could Reach 190 But Theres a Catch
BeginnerLevel Questions
Q1 What is this prediction about
A A financial analyst has published a forecast suggesting the price of Solana a popular cryptocurrency could rise to around 190 However the prediction comes with a significant condition or warningthe catch
Q2 Who made this prediction
A The prediction was made by a specific market analyst or firm Its important to consider their track record and credibility
Q3 What is Solana
A Solana is a blockchain platform designed for fast scalable decentralized applications and cryptocurrencies SOL is its native token used to pay for transaction fees and for staking on the network
Q4 What exactly is the catch mentioned
A The catch is the crucial condition for the price target to be valid Its typically a major hurdle Solana must overcome such as maintaining network stability achieving high user adoption or successfully implementing a key technical upgrade The price prediction likely fails if this condition isnt met
Q5 Should I buy Solana based on this prediction
A No single analyst prediction should be your sole reason to invest This is just one opinion Always do your own research understand the risks of cryptocurrency investing and never invest money you cant afford to lose
Intermediate Advanced Questions
Q6 What specific condition or metric is the 190 target dependent on
A The article likely specifies a key condition Common catches for Solana include successfully scaling without outages surpassing a key level of daily active users or developer activity or the broader crypto market entering a strong bullish phase Check the original analysis for the exact parameter
Q7 What time frame is this 190 prediction for
A Analyst predictions always have a time frame The article should state this The validity of the prediction is tied to both the condition and the deadline
Q8 How credible are these price predictions
A They vary widely Consider the analysts historical accuracy whether