Key Support and Resistance Levels for Solana (SOL)
Solana (SOL) experienced a significant downturn, dipping nearly 10% to $168 on Monday, November 3, 2025. This price action swept the liquidation wick from October 10, a critical technical event for traders. The cryptocurrency analyst Daan Crypto Trades highlighted this movement in a recent X post, sharing a chart of SOL's performance on the Binance spot pair.
The chart indicates that SOL's price action touched levels around $168, which aligns with the 200-day exponential moving average (EMA) and a significant Fibonacci support level. These confluence points suggest that the current price range represents a critical area of support that market participants are closely watching.
Market Context and Technical Analysis
This sharp decline in Solana's price occurred within a broader cryptocurrency market sell-off. The market downturn was influenced by several factors, including hawkish interest rate comments from Federal Reserve Chair Jerome Powell, a major decentralized finance (DeFi) hack, and ongoing macroeconomic pressures. Despite the general market turbulence, Solana demonstrated some resilience, reportedly seeing $417 million in ETF inflows and notable whale activity, which points to sustained underlying investor interest.
According to Daan’s analysis, the current support levels could form a base for a potential price recovery. The next significant resistance level to watch is $180. A breach below the $165 mark could indicate further downside pressure, especially if Bitcoin experiences further instability. However, if market momentum shifts favorably, a target of $195 by the end of the month remains within reach.
Technical Indicators and Future Outlook
Market observers are also paying close attention to technical indicators such as the Relative Strength Index (RSI) for the 14-day period, which currently appears oversold. A potential surge in trading volume could also signal an upcoming rebound. The sweep of the liquidation wick is a notable signal, often considered an area where institutional or "smart money" investors may position themselves. As the broader market finds stability, Solana's ability to maintain these identified support zones will be crucial for its price trajectory.