Solana (SOL) is currently testing a crucial multi-year support level at approximately $116.33, amid heightened selling pressure. This level has historically been significant for Solana, and its defense is vital to prevent a steep price decline. Cryptocurrency analyst Lark Davis highlights the importance of this support, warning that failure to maintain it could lead to a significant drop, with potential support levels much lower.
If Solana’s bulls successfully defend the $116 support, the cryptocurrency could see a recovery, potentially targeting a return to the $200 mark. However, a breach of this level could result in a sharp decline, possibly down to $80, as market sentiment could turn bearish. The current price action underscores the importance of this support level in determining Solana’s short-term trajectory.
