With the crypto market crash in the rearview mirror, a host of tokens are trying to find their footing once again. Among those is Solana, who is at a critical point, with SOL eyeing a potential rebound to the $160 level. However, it could also face even greater losses.
Geopolitical concerns led to a $2 trillion crash in the US stock market. Moreover, Japan’s stock market suffered its greatest single-day loss in its history. The cryptocurrency sector was not spared from the day’s panic. Yet, eyes are now on how these assets could turn things around, and where they go from here.
Also Read: Solana SOL Drops 21%, Making It Top-10 Worst Crypto Performer
Solana at a Crossroads: Further Losses or a Surge to $166
The rise in crypto prevalence in 2024 was nearly wiped in a single day to start this week. Bitcoin dropped noticeably from the $70,000 level in reached in July. Currently, it is sitting at $56,600, with a fall of more than 14% taking place in the last seven days.
Yet, it has rebounded some Tuesday, along with some other tokens. Among them is Solana, which faces a potential rebound, as SOL could eye a move to the $160 level. In a post to X (formerly Twitter), crypto analyst Ali Martinez discussed the asset’s potential to gain, or lose, in the short term.
Also Read: Solana Beats Ethereum in Volume, Faces Centralization Issues
“The TD sequential indicator is now showing a sell signal on the Solana hourly chart,” Martinez said. Moreover, he noted that this suggests a fall to lows of $130. “However, breaking the risk like at $146 would invalidate this signal,” Martinez assured. He placed a positive target price for SOL between $150 and $166.
Over the past 24 hours, Solana has increased more than 10%, according to CoinMarketCap. Still, yesterday’s decline has it down more than 19% to its current level at $147. All eyes are on where it goes from here. If it can remain above the aforementioned level, a sustained rally could be in the works.