Solana (SOL) underwent a notable 9.5% price correction, declining from $205 to $186 following $30 million in long liquidations across crypto derivatives markets. The sell-off highlighted heightened volatility but revealed critical technical support emerging at the $180 price zone.
This level is reinforced by a bullish order block and a golden cross formation—where SOL’s 50-day EMA crosses above its 200-day EMA. Historically, a similar golden cross preceded SOL’s 730% rally in 2023, suggesting potential for renewed upward momentum should the $180 support hold.
Failure to maintain this key support level could trigger a deeper retracement toward the $168–$157 range, aligning with Fibonacci retracement projections. Analysts view this pullback as a natural market recalibration after SOL’s recent rally, advising traders to monitor these technical thresholds for risk management opportunities.