Solana Price Approaches $260 Target While Testing Critical $190 Support
Solana's price has declined below $200, currently trading at $193. Technical analysis indicates it remains within a bullish setup, essential for potential recovery.
Key Points on Solana's Price Action
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<li Trading close to a crucial support level around $190
<li Resistance observed at $205 over the past week
<li Recent all-time high was $293, highlighting volatility
<li Trading in a parallel channel since July 2024 with higher highs and lows
<li Potential price recovery targets: $225 and $260 based on Fibonacci levels
<li Must sustain above $190 to maintain bullish outlook
Importance of the $190 Support Level
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<li $190 is near the lower trendline of the parallel channel
<li Tested multiple times; briefly dipped to $184 on February 3
<li Selling pressure could lead to deeper corrections if support fails
Current market sentiment shows caution due to proximity to critical support levels.