Solana Price Falls Below $200 Amid Market Downturn
Solana (SOL) experienced a decline due to the recent market downturn influenced by the US Federal Reserve’s rate cut, falling below $200 for the first time in over a month.
Can SOL Price Reclaim $200 Again?
Crypto analyst Ali Martinez indicated that the altcoin may be poised for a rebound. Several indicators suggest potential price recovery, particularly as Solana tests a key support zone between $188 and $179.
This price zone has historically acted as a significant resistance level. When resistance levels are flipped, they often serve as support upon return.
The Relative Strength Index (RSI) is currently at 31.72, indicating potential for a rebound, as this level has previously provided support leading to new swing highs. Monitoring this indicator could help identify optimal entry points for long positions.
Additionally, the stochastic RSI shows oversold conditions, suggesting readiness for a price reversal. This indicator is noted for its sensitivity and timely signals.
While no specific price targets were provided, historical data indicates that the altcoin typically returns to previous swing highs upon finding support at these levels.
Solana Price At A Glance
Currently, Solana's price is around $180, reflecting a 6% decline in the past 24 hours and nearly 17% drop over the last week.
