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SOL Market Update:
September 6 Follow
Solana (SOL) is currently trading around $201.54, showing a slight decline of 0.79% during the day. The token is consolidating near the key psychological level of $200, with a price that reflects indecision between continuing to rise or giving in to profit-taking pressure. The recent push towards $210 encountered resistance, which makes me think that SOL is at a critical decision point.
Support Levels
Personally, I see that the most immediate support is at $200, a psychological floor that coincides with the 100-hour moving average. If it were to fall further, the $194-$195 area would serve as an important structural level, marking the base of the last bounce. Technical models also indicate $196.32 and $200.05 as supports based on pivots, reinforcing this range as a crucial defensive area for the bulls.
Resistance Levels
Above, SOL faces strong resistance at $212, aligned with the 76.4% Fibonacci retracement level, which has repeatedly acted as a ceiling. A decisive breakout could lead the price to test $214-$218, with $218 emerging as the next major target. Minor resistances near $204-$205 function as a short-term pivot that many of us are closely watching.
Technical Perspective
The price is trapped between the strong support of $200 and the resistance of $212-$218, reflecting a neutral sentiment. On-chain metrics show an increase in profit-taking, which often precedes corrections. If the bulls break the $212 level, the momentum could drive SOL to higher levels towards $218 or more. On the other hand, losing the level of $200 would likely send the price back to $194-$195, opening the door to greater bearish pressure.
Strategic Vision
SOL is at a critical moment. Staying above $200 is essential to maintain the bullish setup, while breaking above $212-$218 could fuel a new rally. If sellers take control and the price falls below $200, a deeper retracement towards $194-$195 is likely. We should pay attention to volume, RSI, and MACD signals to confirm the next direction.
SOL Created with Highcharts 10.2.1 204,08 +5.67%
Legal notice: contains opinions of third parties. It is not financial advice. It may include sponsored content.