Solana Struggles Below $200—Will the Shorts Drag the Levels to $150 Or Will the Longs Rise the Levels to $300?
As the market strives to gain momentum, Solana’s price also appears to have lost its bottom, as the bears keep holding below the $200 level. Due to the weak momentum, this may be a bearish signal for many people, and the trading volume has dropped significantly. and Sol price The pressure is expected to increase, constantly declining to key levels, while there are fewer players in the market, which may lead to deeper delays in support.
The current Solana trade setup has put traders in trouble as market dynamics support bearish narratives, while the chart pattern suggests a potential rebound. Meanwhile, prices continue to continue within the critical range, indicating that the token may trigger a rebound, but deeper corrections seem inevitable.
As can be seen from the above figure, no matter the increasing pressure on the token, the price is in the rising parallel channel. Prices are between 50 and 200 days of MA, respectively, as resistor and support. Since RSI is bearish and is heading towards a lower threshold, more failures may occur. So the price may test support from parallel channels, about $186, and then make a massive rebound.
The Solana ecosystem has changed to a large extent. For the first time in history, the platform has maintained its functionality for any cyber anger. The last record was in February 2024. After marking the highest DEX volume in January exceeding $258 billion, the platform also leads blockchain activity, with 6.3 million active users every day, near nearby, Tron, Aptos, and more. Additionally, Solana-based memes continue to perform well. These suggest that a short-term reversal could further initiate a new rise after the Bulls regained dominance.
Solana (Sol) prices continue to maintain bullish influence, setting a higher target at $300 later this year.
