Solana Struggles Near $200: Will SOL Drop Below $190 or Rebound to $210?

Solana Struggles Near $200: Will SOL Drop Below $190 or Rebound to $210?
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Should You Be Bearish on Solana Price?

Given the current market sentiment, many traders are wondering whether Solana’s price will continue to lose momentum or if a reversal is on the horizon. Solana has shown a pattern of lower highs and lower lows on the daily chart, indicating that the bears are in control of the market. This has raised concerns about further downside, especially if Solana breaks through critical support levels.

Solana’s Daily Chart: Bearish Signals

Upon analyzing the daily chart, it becomes evident that Solana has been forming a consistent pattern of lower highs and lows. This suggests that the bearish trend remains intact, with selling pressure continuing to dominate. The technical indicators do not currently support a bullish outlook for Solana.

Solana is trading within a falling wedge pattern, and after facing a rejection from resistance, the price appears to be headed for a potential drop to support. While the drop may not be extreme, it is likely that the price will test key support levels at $190 or $188, which have previously acted as strong demand zones.

Technical Indicators and Bearish Outlook

  • MACD Indicator: The MACD shows a decrease in selling pressure, suggesting a potential bullish divergence. However, the probability of a bearish crossover is increasing, which would indicate a further drop below $190.
  • Falling Wedge Pattern: Solana is trading within a falling wedge pattern, which typically signals consolidation before a potential breakout or breakdown. A drop below $190 would likely activate further bearish momentum.
  • Price Action: Each time Solana tests the lower support levels, it has historically triggered a strong rebound. However, the lack of buying volume at these levels suggests reduced investor interest.

Can Solana Make a Bullish Reversal?

While the overall trend is currently bearish, there is a possibility of a rebound if Solana’s price approaches the lower support levels. If Solana drops slightly below $190, liquidity could pour in, reviving the token’s price and setting the stage for a strong recovery. This rebound would likely be driven by buying interest at these key demand zones, with investors looking to capitalize on a potential reversal.

On the other hand, if Solana manages to rise above the $200 mark and secures levels at $210, the bearish trend could be negated. A rise above these levels would likely signal a shift in momentum, potentially pushing Solana’s price above its yearly highs of $225. In this scenario, market participants may start to expect a new all-time high (ATH) in 2025, driving the price even higher.

Solana Price Prediction: What to Expect in 2025

At this stage, the outlook for Solana remains uncertain. The price is in a consolidation phase, and its ability to break through key support or resistance levels will determine its next move. If Solana can rebound from the current support levels at $190 or $188, it could recover and target higher levels, including the yearly high of $225 and possibly a new ATH.

However, if the bearish trend persists and Solana continues to form lower highs and lows, the price may test the lower levels again, potentially pushing below $180. Traders and investors should keep an eye on the $190 and $188 support zones, as these will likely dictate the next phase of price action for Solana.

Conclusion: Will Solana Price Lose Momentum?

In conclusion, Solana is at a critical juncture. The current bearish momentum suggests that the price may drop further if key support levels at $190 and $188 fail to hold. However, a strong rebound at these levels could lead to a bullish reversal, with the potential to test higher targets, including $225 and a new ATH in 2025. Traders should monitor the price action closely and be prepared for volatility in the coming weeks.