Solana's Price on the Verge of Retesting $119: Details
Analysis
Price Impact
HighSolana is undergoing a significant correction, having faced strong resistance at $144 and slipped below intermediate support at $131.45. the price risks retesting the critical support level of $119, which could lead to further deep losses if it fails to hold.
Trustworthiness
MedThe analysis is based on insights from a 'popular crypto analyst ali martinez' and on-chain movement observations, suggesting a strong possibility of the described price action.
Price Direction
BearishThe asset has entered a corrective phase due to strong selling pressure and rejection at higher levels. the immediate outlook is bearish, with a high probability of retesting $119, a level that has historically acted as strong demand. a failure to hold this support could lead to significant downside.
Time Effect
ShortThe article discusses an ongoing correction and immediate risk of retesting the $119 level in the near term, indicating a short-term price movement.
Original Article:
Article Content:
Cover image via U.Today Read U.TODAY on Google News Solana forms new support zone Solana risks retesting $119 Advertisement 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. HOT Stories 'Greatest Risk' to Bitcoin Identified by Strategy's Saylor XRP Hits Insane 8,700% Liquidation Imbalance, Ripple Snatches Major Banking Partnership, Saylor's Strategy Buying BTC Again, SHIB Volume Collapses — Top Weekly Crypto News Crypto Market Review: Shiba Inu's (SHIB) Back in Business, Ethereum (ETH) Must Decide, XRP Locked in on $2 U.Today Crypto Digest: XRP Hits ‘Extreme Fear’ Zone, Shiba Inu (SHIB) Volume Collapses to Lowest Level of 2026, Dogecoin (DOGE) Price Eyes 30% Breakout 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. Advertisement 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. Advertisement 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. #Solana #Solana Price Prediction #Solana News