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Recently, Solana’s price surged, reaching a key target zone and hit new ATHs. However, following this rally, it has experienced a pullback, hinting at a correction. After breaking below a trendline, the pullback became more evident, indicating that Solana might be in the midst of a corrective phase. The altcoin has gained more than 48% in the last seven days.
On January 18, Donald Trump’s new meme coin made its debut in the cryptocurrency market, quickly drawing billions in investments. Solana, the blockchain supporting Trump’s meme coins, saw stronger performance compared to other major cryptocurrencies over the weekend. With Trump’s inauguration approaching, both Solana and the Trump meme coin are expected to stay in the spotlight.
Fibonacci Support and Market Momentum
The current pullback has brought Solana to an important Fibonacci support level at around $247. This level could act as a strong foundation for a price reversal, as it is known to be a typical retracement zone. If the price manages to hold above this support, it could signal that the market is ready for another rally, though caution is still needed as the price is still in a fragile zone.
What’s Next for Solana?
The next few days will be crucial for Solana. If the price reacts positively at the support zone, the coin may see a rebound toward higher levels, possibly approaching the next major resistance around $360–$380. However, if the price continues to struggle below the $247 support, there could be more downside ahead, potentially testing the $234 level or lower.
Watch Key Price Levels: $247 and $234
The $247 level is particularly important, as it could determine whether the price will find support and bounce back or face further declines. If the price holds above $234, the outlook remains positive, but a drop below this level could signal more weakness and a possible continuation of the downtrend.