Following the US President Donald Trump’s October 10th announcement of 100% tariffs on China, the broader crypto market faced a steep downturn. At the time of the announcement, crypto was valued at $4.14 trillion, and has since lost nearly $400 billion.

Among the top five altcoins, Solana (SOL) took the hardest hit, plunging by 17.7% over the same period. Dipping to $174, Solana immediately erased the bulk of its losses by jumping to $194 on the same day.

Amid the panic selling that followed, SOL stabilized around $182 today. Let’s take a closer look at Solana to find out if the dip represents a strong buying zone.

Solana Appears Ready to Target Key Resistance Despite the Selloff

Although the sharp pullback saw Solana lose nearly 20% of its value over the week, its technical indicators are fairly positive. At its current price, it’s comfortably sitting above its 200-day Simple Moving Average (SMA) of $171, signaling long-term growth potential.

Additionally, its Relative Strength Index (RSI) has dropped to 36, suggesting that selling pressure may be close to exhaustion. With SOL nearing oversold territory, a solid buying opportunity for contrarian investors seeking to capitalize on the dip is forming.

Market data also highlights that the initially bearish sentiment is turning positive. Since October 10th, SOL’s funding rate has turned slightly negative at around -0.1%. Plus, open interest has fallen 40% following significant liquidations that total $156 million in the past 24 hours.

Despite the temporary selling pressure, Solana currently enjoys a long/short ratio of 4.14. That means trader confidence in Solana’s recovery persists, as leveraged long positions outnumber shorts fourfold.

Now, chart analyst Jelle is confident SOL can make a strong recovery, highlighting a long-term target of $600.

However, for SOL to get into position for such a tremendous surge, it first needs to breach the $215 resistance. Coinciding with its 50-day SMA level, this resistance zone acts as a critical pivot for Solana’s price action. Historically, it has capped upside moves and, unless decisively reclaimed, could continue to limit bullish momentum.

The expected wave of SOL ETFs could act as a catalyst for a cross above this level. According to Bloomberg ETF analyst Eric Balchunas, Bitwise’s upcoming ETF is already showing potential to attract large inflows.

Combined with strong DeFi adoption, the expected approval of this and numerous other ETFs later this month could propel SOL to new highs.

New Solana Token Snorter Hits $4.5M in Presale Ahead of Exchange Launch

With Solana appearing ready to explode, investors seeking gains larger than 3x are already pivoting to smaller projects in its ecosystem. Snorter (SNORT), a Solana meme coin in presale, is drawing strong investor attention as a result.

That’s because Snorter seeks to empower smaller traders with its Snorter Bot, an upcoming Telegram-based Solana trading bot.

Designed as a user-friendly tool, it simplifies meme coin trading by offering a plethora of automation features. Among others, these include copy trading, token sniping, and dynamic stop-loss.

Plus, it offers automated threat detection and rug pull protection, which may prove invaluable after Solana’s expected surge. With these features, Snorter Bot’s users will have more time for active trading, as the bot automatically blocks interactions with scam tokens that may emerge.

Purchasing SNORT during the presale offers a cheaper way to unlock all of Snorter Bot’s features. Among other benefits, those holding SNORT will have their fees slashed to 0.85% while using Snorter Bot.

Additionally, purchasing SNORT during its current presale stage lets investors earn 109% annual returns via staking.

As investors rush to secure these benefits early, Snorter has raised more than $4.5 million. With strong early backing and its launch potentially aligning with Solana’s rebound, Snorter is shaping up to become this year’s top meme coin play.