Time to Buy Solana (SOL)? Key Support Level Could Trigger a Rebound

Solana (SOL) has seen a steep decline, dropping nearly 60% from its peak, raising questions about a potential rebound. The drop coincided with profit-taking from the $TRUMP

Solana (SOL) has seen a steep decline, dropping nearly 60% from its peak, raising questions about a potential rebound. This drop coincided with profit-taking from the $TRUMP token, which extracted over $300 million from the market.

Analyst That Martini Guy ₿ suggested in a tweet on Thursday that this could be an opportunity to buy, reinforcing his argument with a technical chart showing SOL’s bearish structure. With the token now hovering near a key support level, traders are watching closely for signs of recovery. However, market sentiment remains cautious as selling pressure continues.

Solana’s price action has been tough for bulls lately. After nearly touching $300, SOL reversed course and has been making lower highs and lower lows—classic bearish behavior. The token is now fighting to hold ground around $119, with the psychologically important $100 level looming as a make-or-break point.

If buyers step in and defend this zone, some renewed momentum to the upside could be evident. But if $100 doesn’t hold, expect more pain ahead as the downtrend strengthens.

This sell-off also saw a huge spike in trading volume, which might indicate stronger conviction behind the selling pressure. The $TRUMP token’s profit extraction appears to have contributed to this correction.

Liquidity shifts from one crypto asset to another often impact price movements, and SOL’s recent downturn coincided with this event.

At press time, Solana trades at $124.78, marking a 3.96% decline in 24 hours and 8.95% over the past seven days. The 24-hour trading volume stands at $7.06 billion, indicating active market participation but uncertain sentiment.

Read also: We Asked AI to Predict Bittensor (TAO) Price If Bitcoin Dips to $70K

SOL Buying Opportunity or Further Downside?

That Martini Guy ₿ believes the current price level could present a good buying opportunity, citing the extent of SOL’s decline and the presence of strong historical support. However, he also notes that confirmation through increased volume, trend reversal signals, or a reclaim of $140-$160 would strengthen the bullish case.

If SOL fails to hold the current support, a move below $100 could accelerate selling pressure. On the other hand, if buyers step in, a potential rebound could target the $140-$160 range in the short term, with $300 remaining the key long-term resistance level.

Solana’s 60% decline has brought it near crucial support, sparking debate over its next move. That Martini Guy ₿ sees potential for a rebound but emphasizes the need for confirmation signals. The coming days will be critical in determining whether SOL finds stability or extends its losses.

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