SOL targets crucial support zone: What happens next?

Solana (SOL) is one of the top-performing crypto assets so far, and has higher prices to touch but not before a lower dip from the current price.

A crypto trader Ali in a tweet on 22 September affirmed that the token may drop to $210 before it makes another upward move toward a new all-time high of $320.

A healthy correction 

After reaching a recent all-time high of over $250, SOL has corrected back to $220 at the time of writing this report. The correction came as a result of wider market pullback that has affected most assets, including Bitcoin which dropped as low as $112,000.

While the market is already showing signs of recovery, Ali believes the dip for SOL is not yet over until it reaches the $210 support before it can bounce sustainably again. 

According to his chart, SOL broke out of an ascending triangle recently and turned $210 to support. As seen on the chart, there’s no support where the asset can bounce again except at $210.

This means that if $210 is lost, the next support will be at $175, which is possible if the market does not gain enough momentum to resume its rally soon. 

Demonstrated strength 

SOL has so far shown its resilience and strength in previous price movements so far. Since mid August, whales have shown strong interest in it with massive buys which later started a rally setting a $300 price target.

In early September, the rally had raised expectations for a $233 price as ETF talks strengthened. Subsequently, it hit a record high of over $250 before the current correction.

If the asset holds the $210 price level, investors may expect to see a new all-time high of $320 according to Ali, which looks attainable based on the precedents.