Solana price has slipped below the $200 mark, testing key support near $186 as participants watch closely for a potential rebound towards higher resistance levels.
Solana’s recent slip below $200 has once again caught traders’ attention. The drop to around $186 has cooled the rally, but hasn’t erased optimism entirely for the Solana price. Despite short-term pressure, SOL’s broader trend still leans constructive, with market watchers suggesting that holding above key supports could set the stage for a potential reversal.
Solana Falls Back Below $200
Data from Brave New Coin shows Solana price is trading near $186.47, down roughly 3.5% over the last 24 hours. The breakdown below $200 signals a cooling phase after weeks of bullish momentum. The intraday structure suggests the price is stabilizing between $180 to $190, with $186 now acting as an immediate support.
Solana current price is $186.47, down -3.49% in the last 24 hours. Source: Brave New Coin
Technically, SOL Solana price remains above its 100-day EMA, but the short-term pressure indicates the need for stronger volume near $180 to $185 to maintain structural support. Losing this zone could expose the next downside target around $173 to $175, while reclaiming $195 would be the first confirmation of renewed bullish intent.
Treasury Pressure Slows Market Momentum
Ted noted that treasury companies linked to Solana are lagging behind their Ethereum counterparts, dampening investor sentiment. The charts reflect a lack of strong bidding, which correlates with Solana’s recent failure to sustain above $200.
Solana’s treasury-linked entities show slower inflows compared to Ethereum, reflecting cooling momentum amid reduced institutional activity. Source: Ted via X
However, this doesn’t necessarily imply structural collapse. While treasury flows have slowed, Solana’s on-chain activity still remains quite strong. Once treasury allocations resume or incentives are reignited, SOL could quickly regain momentum. For now, the market seems to be waiting for catalysts that reintroduce institutional demand.
Key Support at $190 Could Trigger a Strong Recovery
Solana price chart highlights that $190 remains the key level. Holding this level keeps the ascending channel structure intact, offering a potential rebound setup towards $240 and possibly $300 if momentum accelerates.
Solana’s $190 support zone aligns with key Fibonacci levels, signaling potential for a strong rebound towards $240–$300 if momentum returns. Source: Ali Martinez via X
The lower channel support aligns closely with Fibonacci retracement levels near 0.618, providing strong confluence. As long as Solana price maintains higher lows on the daily timeframe, the broader uptrend remains valid. A clean daily close above $200 would likely confirm the next impulsive leg upward, aligning with the bullish Elliott Wave outlook.
Leverage Flush Clears the Path for Upside Liquidity
Liquidation data reveals that most high-leverage long positions have already been flushed out. The heatmap shows that major liquidation clusters now sit above current price levels, primarily between $195 to $205, suggesting that liquidity has shifted upward.
Most leveraged longs have been wiped out, shifting liquidity above current levels and setting the stage for a potential short squeeze towards $200. Source: CW8900 via X
CW8900’s setup often precedes counter-moves, as market makers tend to push prices toward zones of liquidity. With funding rates normalized and open interest resetting, the probability of a short squeeze towards the $200 region has increased. Such a move could be the trigger Solana needs to re-enter its previous bullish channel.
Higher Low Formation Keeps the Bullish Scenario Alive
Man of Bitcoin’s technical chart emphasizes that Solana has formed a higher low, keeping the direct bullish structure intact. The $180 region continues to serve as a critical support base aligned with the 0.786 Fibonacci retracement zone.
Solana maintains a higher low structure near $180, signaling that bullish momentum could extend toward the $214–$225 resistance zone. Source: Man of Bitcoin via X
If $180 holds, the structure supports a potential extension towards $214 to $225, marking the next resistance area in the ongoing Wave 3 sequence. Momentum oscillators are flattening, implying that bearish pressure is easing. This makes the current consolidation phase potentially constructive, as long as the base structure at $180 remains unbroken.
Final Thoughts: Bulls Eye $240 if Support Holds
Solana’s pullback below $200 reflects market rotation rather than structural damage. Market watchers agree that maintaining $180 to $190 is crucial to preserve the macro uptrend for Solana price.
On-chain and liquidity metrics suggest that risk has shifted to the upside, with fewer long liquidations left and potential short squeezes brewing. If SOL buyers step in near current levels, Solana price could attempt another push towards $240 to $260, reaffirming its position as one of the most technically resilient assets in this cycle.