Solana Price Remains Above $200 Amid Market Correction

Solana's price has shown resilience amid a declining cryptocurrency market. It peaked at $218 on August 29, briefly dipped below $200, but stabilized above this level, outperforming Bitcoin.

Analyst Insights

Crypto analyst RLinda indicates Solana is stronger than the market despite recent corrections.
Solana maintained stability above $200 after a multi-month high.
Investors realized nearly $1 billion in profits as the price surpassed $210, with Glassnode reporting over $911 million in realized profits.
The current correction phase is viewed as a consolidation rather than a reversal, with liquidity tests expected between $202.5 and $195.3.
A positive outlook hinges on maintaining the $200 support level, potentially paving the way for a breakout towards $240.

Future Projections

Previous breaks above $200 resulted in corrections below $180, but the latest peak at $218 has held above $200.
Higher highs and higher lows suggest sellers are losing control, supporting a bullish outlook for reaching $240.
Resistance levels identified at $216.5 and $220 before approaching $240, with a final resistance at $244.
Support levels are noted at $202.5, $198, and $195.3; a bounce from these may resume bullish momentum.

As of now, Solana is trading at $205, reflecting a 1.6% increase in the last 24 hours.