The Solana price price has shown some resistance in the last few days, while most of the cryptocurrency market has become red. After exceeding $ 210, to reach $ 218 on August 29, the SOL fell below USD 200 for a compact time, but quickly stabilized, exceeding the main resources of high capitalization, such as Bitcoin, which was closed in the fall From August 14.
This put Solana in an engaging position, and technical analysis shows that its correction phase is constructive and can prepare token for the next breakthrough.
The analyst claims that the correction is essential for a breakthrough
Crypto Rlield analyst on the TRADINGVIEW platform He described Solana as stronger than the market. According to the analyst managed to remain stable above USD 200 Even after withdrawing from a up-to-date assessment of several months of USD 218, its highest price from February.
Although the multi -month level ultimately caused rejection and movement down, Solana is doing much better than Bitcoin. According to an analyst in the Ali Martinez chain, Solana Investors Nearly $ 1 billion was realized Immediately after the cryptocurrency passed 210 USD before it finally reaches USD 218. In particular, the data from Glassnode show that profits increased to over $ 911 million after Solana broke this level.
Sol notes profit: @ali_charts on x
According to Rlinda’s analysis, the ongoing correction is not a reversal, but rather a stage of consolidation and there will probably be a liquidity test from 202.5 to 195.3 USD. However, the analyst noticed that the prospects would remain positive, as long as the buyers could defend the USD 200 during this recovery. This in turn will pave the way to a breakthrough from 200 to 240 USD.
Photo of the chart from TradingView: Rlielda
What next for Solana?
The last twice Solana broke over USD 200 this month, she entered into another correction, which caused his price action below USD 180. However, the latest break, which led to a peak of USD 218, managed to accommodate above USD 200. The formation of higher ups and higher falls shows this Sellers lose their adhesion And now they are not able to force the token back below USD 200. Therefore, the stubborn perspective is from here creating another higher level, Rlield indicates 240 USD as the next goal.
Achieving 240 USD will translate into a up-to-date peak from January. However, Rlield also emphasized the resistance levels of USD 216.5 and USD 220 before achieving this goal, and then the final resistance of USD 244 Higher high extension exceeding $ 240.
On the other hand, the analyst also recorded support levels in the amount of USD 202.5, 198 USD and 195.3 USD. The overall expectation is that Solana can resume her stubborn trajectory after releasing the correction and bouncing at one of these levels.
At the time of writing, Solana trades in $ 205, which is an augment of 1.6% in the last 24 hours.
A distinguished picture from Getty Images, Chart from TradingView
