Solana is currently testing a critical demand zone near the $150 level after enduring weeks of persistent selling pressure and a broader shift in market sentiment. The asset is now trading roughly 20% below its May high of $185, with recent attempts at recovery facing strong resistance. Despite holding above major support for now, the overall structure suggests that downside risk remains if market conditions don’t improve soon.
Top analyst Efloud shared a technical analysis on X, highlighting the importance of tracking Solana’s response to broader Bitcoin dynamics. He noted that if Bitcoin (BTC) continues to consolidate sideways while Bitcoin dominance (BTC.D) rises, altcoins like SOL may struggle. In that case, Solana could continue retracing to find stronger support at mid-zones, particularly around the $123
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