- Solana hovers near critical support at $191—breaking below may trigger a drop to $138, while resistance stands at $295.60.
- Fibonacci levels highlight $179.63 and $159.71 as key supports, with $387.60 as a long-term bullish target if momentum shifts.
- Bulls must defend the trendline to sustain upward momentum; a breakdown could accelerate bearish pressure toward deeper levels.
Solana (SOL)price hovers near a key support level. If SOL fails to hold above $191, a drop to $138 could follow. The market structure shows an upward channel, with Fibonacci retracement levels marking critical zones. Traders are closely monitoring this price action as it approaches a decisive moment.
Solana’s Price Movement and Key Levels
After rising to $203.79 from its opening price of $203.42, Solana faced downward pressure. The closing price settled at $201.54, the session’s lowest point being $196.44. This reflects a minor 0.92% decline. Notably, SOL is trading near the 0.618 Fibonacci retracement level at $202.04, a crucial support zone.
The Fibonacci retracement levels are drawn from low to high, $109.16-$295.60. Other supports include the 0.5 retracement level at $179.63 and the 0.382 level at $159.71. A fall through these levels exposes SOL to further declines, probably targeting the 0.236 level at $138.09. If the selling pressure persists, the final retracement level could come into focus at $109.16.
On the upside, Fibonacci extension levels highlight possible resistance areas. The first resistance stands at $295.60, aligning with the 1.0 Fibonacci level. A continued rally beyond this could push SOL toward the 1.272 extension at $387.60, a long-term bullish target.
Trendline and Market Outlook
The trendline has been tested multiple times over recent months. Price action remains confined within this upward structure, with minor pullbacks respecting channel boundaries. However, recent bearish momentum suggests that bulls must defend the lower trendline to sustain the trend.
If Solana breaks below this trendline, a bearish continuation could accelerate, leading to a deeper retracement. Conversely, a rebound from this zone could initiate another rally, targeting higher resistance areas.
