• Solana is holding above $195 support while facing renewed selling pressure, keeping traders cautious about near-term moves.
• Key resistance lies near $200 and $208–210, while support between $193–195 could decide the next recovery path.
• A breakout above $210 may trigger a rally towards $216–220, but failure risks pushing SOL towards $185–188.

Solana is facing renewed sales pressure, sparking new discussions about its immediate future. Analysts are paying close attention to its key resistance and support areas that will decide its next huge move. The outcome of the next few sessions could decide whether the asset consolidates or witnesses deeper losses.

At the time of writing, Solana (SOL) is trading at $196.74, recording a -3.99% decline in the past 24 hours. The SOL maintains a 24-hour trading volume of $29.79 billion and a market capitalization of $106.49 billion, reflecting ongoing market activity despite the pullback.

Solana Replicates Wintermute Moves With Gains

Crypto analyst MartyParty dissected the short-term chart structure of Solana such that the asset recently replicated what he calls the “Wintermute moves.” Based on his analysis, the hourly chart had recorded three higher legs that had preceded 50% pullbacks following the usual one-hour 50% retracement structure.

Each of them recorded around 23% growth from the low, showing that Solana is still able to record spiky jump-up moves despite the corrections.

Also Read | New Solana Rally Incoming: SOL Could Hit $219 by September End

Solana Support Zone Could Trigger Recovery

In addition to the technical perspective, popular analyst Ted identified Solana’s major areas of resistance and support. He noted that the short-term immediate support lies between $193–195, the range that has been the latest floor. If that location is unable to hold as support, then SOL could slip lower down towards the $185–188 range, an area that will be the next potential zone of resistance for buyers.

On the positive side of things, $200 remains a key psychological resistance point, with tighter resistance around the $208–210 range that closely matches the MA10. According to Ted’s analysis, a break convincingly above the latter range would mark the first unequivocal sign of a reversal that could then usher the way towards the $216–220 range around the MA30.

Right now, the price of SOL is just below the $200 psychological level, putting the token at a crossroads. Speculators are closely monitoring whether the token will hold its short-term resistance or undergo deeper corrections prior to another rebound attempt.

Also Read | Solana Eyes $220 Target After Pullback Holding Key $200 Support