Key Insights:
- Solana defends $200 level, supported by Fibonacci and VWAP, with traders eyeing $260 as next resistance.
- Futures open interest reset signals reduced leverage, creating a cleaner market setup for potential upside.
- ETF speculation in mid-October fuels projections of a longer-term rally toward $300 and $400 levels.
Solana (SOL) was trading at $201.97 with a 24-hour volume of $3.46 billion. The token is showing a small daily gain of 0.03%, while its price has fallen by 16% over the past week.
The current trading range has placed SOL back near the $200 psychological support, a level that traders consider crucial. Market participants are watching this zone closely to assess whether it can continue to act as a base for recovery.
Technical Levels
The $200 mark is supported by Fibonacci confluence and VWAP positioning, which strengthens its role as a defense level. Price action shows repeated tests of this zone, with buyers stepping in to keep the structure intact.
Futures data also shows a sharp reset in open interest after steady growth through August and early September.
One analyst noted,
“with leverage cleared, the market structure is cleaner for potential upside.”
Possible Upside Scenarios
If the $200 floor holds, the next resistance is expected near $260, an area tested earlier this month. This zone is viewed as the next key target should momentum increase.
On shorter charts, a bull pennant pattern has formed, marked by converging trendlines following a strong rally.
Market commentary suggests,
“a move above $205 could open the way to $215–$220 in the short term.”
Broader Context
Expectations of a Solana ETF approval in mid-October have also drawn attention. Projections based on this scenario point to a possible climb toward $400 in the longer term if approval coincides with favorable market conditions.
If support at $200 fails, the focus may shift back toward the $180–$190 range, an area where SOL consolidated earlier in the year. Analysts emphasize that maintaining stability at current levels is essential before larger moves can develop.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/sol-bounces-at-200-support/