Solana rejected at $205 channel resistance, shifting focus to $180 and $160 as next support levels.
SOL trades at $192.91 with a market cap of $104.16 billion, ranking sixth in global crypto markets.
A hold above $190 could pave the way to $200, while a break below $188 risks renewed consolidation.
The price of Solana (SOL) is $192.91 , as of writing, with a daily change of 3.46%. The cryptocurrency continues to hold the sixth largest market capitalization of $104.16 billion with traders keenly monitoring key resistance and support levels.
Resistance at Channel Top
Solana faced rejection at the upper boundary of its trading channel after testing the $205 region. Ali (@ali_charts) emphasized this rejection, identifying $180 and $160 as critical levels to monitor in case of further weakness. The failure at $205 shows the strength of resistance that continues to cap bullish momentum.
Past performance suggests each approach to this upper boundary has triggered pullbacks, reflecting consistent profit-taking. The recent pullback to $187.35 falls in line with such tendency and should indicate that traders are still cautious when valuation is high. Momentum indicators are indicating that buying pressure is fading around resistance and the potential to see immediate breakout.
For sentiment to shift decisively, Solana would need to close above $205 with conviction. Such a move could open pathways toward $212 and beyond. Until that occurs, the channel’s upper line remains an obstacle.
Immediate and Deeper Supports
Attention now shifts to near-term support at $180, a zone where Solana has consolidated and bounced before. This area remains the first level where buyers may attempt to regain control. A successful defense could drive recovery toward $195–200.
If selling intensifies and $180 fails, the next important support lies at $160. This area previously acted as a foundation for strong rallies and holds strategic relevance for market participants. A revisit here would represent a deeper correction while offering longer-term accumulation potential.
Price structure continues to show Solana trapped between resistance at $205 and support at $160. The path forward depends on how these zones respond to coming pressure.
Market Activity and Short-Term Outlook
Trading volume for Solana reached $3.83 billion in the past 24 hours, though this marked a steep 46.87% decline. The decline suggests lighter activity behind the recent price recovery, which traders will watch for confirmation of strength.
Solana’s total supply is 607.61 million SOL, with 539.94 million in circulation. Unlike Bitcoin, the token has no capped maximum supply, allowing flexibility in issuance based on governance.
The intraday chart shows recovery from an early dip below $187.93, followed by sustained buying momentum toward $193. If Solana holds above $190, the next psychological target is $200. Failure to defend $188, however, may bring renewed consolidation.
