Can Solana reclaim $200 after its recent dip? – Indicators suggest…

Solana’s trading volume surged by 94.85%, despite an 8.68% price drop in the last 24 hours.
SOL faced resistance at $217; $195 support is crucial for stability as institutional interest grows.

Solana [SOL] was trading at $197.05 at press time, experiencing an 8.68% decline in the last 24 hours but posting a 4.31% gain over the past week.

Meanwhile, the cryptocurrency’s trading volume surged to $6.69 billion within 24 hours, reflecting robust market interest.

At the time of writing, with a circulating supply of 480 million SOL, the coin’s market capitalization stood at $95.54 billion, SOL’s price has fluctuated within a 24-hour range of $193.90 to $215.98, and the weekly range extends from $188.79 to $221.35.

The asset is currently 24.9% below its all-time high of $263.21, recorded on the 23rd of November 2024, and it faces resistance near key levels.

Technical indicators point to bearish momentum

Recent price action shows a break below the bullish trendline and Fair Value Gap (FVG), with the 200-day Moving Average(MA) at $217.96 acting as strong resistance.

Immediate support lies near $195.72, with a potential downside target of $180 if the support level fails to hold.

Source: TradingView

The convergence of MA indicates possible increased volatility. Traders are monitoring whether SOL can reclaim $200 and move toward the $220 resistance.

A continued bearish trend could further test lower support levels, creating uncertainty in the market.