Solana (SOL) Price Trying to Reclaim Key Levels After Erasing Post-Election Rally Gains

Solana has experienced intense selling pressure, now trading at its lowest levels since November 2024 and erasing all the gains from the post-election rally.

Solana (CRYPTO: SOL) encountered intense selling pressure on Friday, hitting its lowest levels since November 2024. This erased all the gains from the post-election rally, leaving traders to wonder what's next for the battered altcoin.

Solana faced massive selling pressure on Friday, as it continued to suffer from the downturn in the altcoin market. The token experienced a strong rally following the U.S. elections, but those gains were quickly wiped out as the meme coin euphoria turned into a bloodbath.

Solana, once a leader in the altcoin market, is now facing serious risks. The rapid cycle of speculation and liquidation in meme coins initially drove massive transaction volumes and liquidity to the Solana ecosystem. However, as the hype fades and major sell-offs continue, the impact is now weighing heavily on SOL’s price action.

Crypto analyst Jelle shared an analysis on X, revealing that SOL took out the recent lows but managed to close above the previous lows, signaling a potential relief move.

“Solana (SOL) had a crazy week of price action. It took out the recent lows but managed to close above the previous lows, signaling a potential relief move. We want to see a strong bounce from here (ideally SOL closes above $185 by EOD Friday).”

Solana Hit Hard By Meme Coin Sell-Off

Solana has faced massive selling pressure since reaching its all-time high in late January, with its price now struggling to recover amid a broader downturn in the altcoin market.

The sentiment turned quite negative, as the meme coin frenzy that once fueled Solana's growth became a liability, dragging down liquidity and investor confidence.

The rapid rise and fall of speculative meme coins on the Solana network created an unstable trading environment, with traders hesitant to reinvest in the ecosystem. This shift led to a decline in decentralized exchange (DEX) volumes, further exacerbating Solana's struggle to maintain bullish momentum.

Solana's fundamentals remain strong, but price action suggests investors are growing cautious. Jelle's analysis on X reveals that SOL took out the recent lows but managed to close above the previous lows. While this signals a potential relief move, it is far from confirming a full recovery.

“Solana (CRYPTO: SOL) encountered intense selling pressure on Friday, hitting its lowest levels since November 2024. This erased all the gains from the post-election rally, leaving traders to wonder what's next for the battered altcoin.

Solana faced massive selling pressure on Friday, as it continued to suffer from the downturn in the altcoin market. The token experienced a strong rally following the U.S. elections, but those gains were quickly wiped out as the meme coin euphoria turned into a bloodbath.

Solana, once a leader in the altcoin market, is now facing serious risks. The rapid cycle of speculation and liquidation in meme coins initially drove massive transaction volumes and liquidity to the Solana ecosystem. However, as the hype fades and major sell-offs continue, the impact is now weighing heavily on SOL’s price action.

Crypto analyst Jelle shared an analysis on X, revealing that SOL took out the recent lows but managed to close above the previous lows, signaling a potential relief move.

“Solana (SOL) had a crazy week of price action. It took out the recent lows but managed to close above the previous lows, signaling a potential relief move. We want to see a strong bounce from here (ideally SOL closes above $185 by EOD Friday).”

Solana Hit Hard By Meme Coin Sell-Off

Solana has faced massive selling pressure since reaching its all-time high in late January, with its price now struggling to recover amid a broader downturn in the altcoin market.

The sentiment turned quite negative, as the meme coin frenzy that once fueled Solana's growth became a liability, dragging down liquidity and investor confidence.

The rapid rise and fall of speculative meme coins on the Solana network created an unstable trading environment, with traders hesitant to reinvest in the ecosystem. This shift led to a decline in decentralized exchange (DEX) volumes, further exacerbating Solana's struggle to maintain bullish momentum.

Solana's fundamentals remain strong, but price action suggests that investors are growing cautious.

Solana (SOL) Price Analysis for March 10

Solana (SOL) is currently trading at $173, holding above the crucial $170 support level. Bulls must defend this price to maintain short-term momentum and prevent a deeper correction. A push above the $185 mark is essential for a recovery, as this level aligns with the 200-day moving average, a key indicator of long-term strength. Reclaiming this level would signal a shift in momentum and open the door for a stronger upside move toward higher resistance levels.

However, if SOL fails to push above the $185 mark in the coming days, selling