The crypto market is down, and the negative trend has seen Solana’s price continue to plunge in the deep red territory amid rising selling pressure.
On Jan. 25, popular crypto analyst Ali Martinez has shared insights suggesting that Solana is attempting more downside pressure, which could see it retest 2025 lows.
Solana forms new support zone
According to the analyst, Solana is showing signs of an extended correction phase, and its on-chain movement has pushed its price to potentially forming new support around $119.
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After surging as high as $144.62 during the last week, Solana has seen strong resistance at that level and has continued to face strong rejection near $144, seeing it trade far below that level.
Following the consistent rejection near the resistance level, Solana has entered a corrective phase, slipping below intermediate support around $131.45, and it is now trading near the $127 region.
While this correction phase has continued to persist, Solana might see further price declines, and $119.54 has now become a critical level to watch out for.
Solana risks retesting $119
According to the analyst, the $119 level has become an important zone as it has previously acted as a strong demand region, where buyers stepped in to stop declines by acquiring more tokens while triggering price rebounds.
Considering the heavy accumulation around that region, the analyst has urged investors to closely monitor whether SOL can once again find support there if selling pressure continues.
While the ongoing drawdown across major crypto prices has come immediately after a sharp rally earlier in the month, it appears that the move may be a healthy correction rather than a full trend reversal.
Nonetheless, if the asset fails to hold above $119, it poses Solana at the verge of deeper losses, causing the asset to retreat further.
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