Solana price has dropped below $200 after a sharp rejection at $213, now hovering around the $195–$198 support. Will this support hold or could SOL slip further?
Summary
- Solana price dropped below $200 following a sharp rejection at $213, after rebounding from a higher low at $175.
- Price currently trades at $195 as short-term technicals point to a risk of a deeper retracement.
- Derivatives data shows a slight short-term bearish bias, although top traders remain strongly long, suggesting confidence in a potential rebound.
Solana (SOL) price is at a critical pivot point after dropping below $200 following a sharp rejection at $213 earlier today. This rejection came after a rebound from a higher low at $175, pushing SOL below the $198–$200 support zone and down to $195 at press time.
The MACD indicator on the 4-hour chart has formed a bearish crossover. Combined with the sharp rejection at $213 and the RSI trending downward into bearish territory, this signals that a deeper pullback is likely before SOL price attempts to test previous highs again.
Key support levels to watch are $195-$198, followed by $190–$192 and $185 if the current level fails to hold. On the upside, holding $198 could see buyers push Solana back toward $210–$213, with a strong break above $213 opening the path toward $220+.
Solana price sentiment
Technically, the short-term outlook currently leans bearish, signaling a deeper retracement within the broader uptrend. However, trading volume has surged over 100% in the past 24 hours, so there’s hope that buyers will step in to defend the $195-$198 support, potentially reigniting bullish momentum.
Coinglass derivatives data indicates that there are slightly more short positions than longs over the past day. However, it’s worth noting that top traders are predominantly positioned long. On Binance, top trader accounts hold nearly 2.7 longs for every short, while their positions are even more heavily skewed toward the long side at roughly 3 to 1. This suggests that experienced traders are anticipating a potential recovery, viewing the current pullback as a buy-the-dip opportunity.
