- Solana dips nearly 10% to $168, sweeping October 10 liquidation wick, testing critical support.
- Key resistance at $180 with a bullish target of $195 if momentum returns.
- Oversold RSI and rising volume may trigger a strong rebound amid market turbulence.
The cryptocurrency market experienced a brutal Monday rout on November 3, 2025, with Solana (SOL) tumbling nearly 10% to $170, as highlighted by crypto analyst Daan Crypto Trades. In a recent X post, Daan shared a detailed chart showing SOL’s price action on the Binance spot pair, noting that it swept its October 10 liquidation wick.
This move suggests potential support levels that traders should monitor closely. The chart reveals a sharp decline followed by a recovery, with the price currently hovering around $168, aligning with the 200-day EMA and a key Fibonacci support level.
Critical Support and Resistance Levels
This dip comes amid a broader market sell-off, triggered by Federal Reserve Chair Jerome Powell’s hawkish interest rate comments, a major DeFi hack, and macroeconomic pressures. Despite the downturn, Solana showed resilience with $417 million in ETF inflows and whale activity, indicating strong underlying interest.
Daan’s analysis suggests that these levels could serve as a foundation for a potential rally, with the next resistance at $180. A breach below $165 could signal further pain if Bitcoin wobbles, while a target of $195 by the end of the month remains in sight if momentum builds.
Market Context and Outlook
Traders are also eyeing technical indicators like the RSI(14), which is oversold, and a potential volume spike that could fuel a bounce. The liquidation wick sweep is a critical signal, often indicating where smart money positions itself. As the market stabilizes, Solana’s ability to hold these support zones will be pivotal. With the crypto landscape evolving rapidly, staying informed on these levels could offer a strategic edge for investors.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
