Solana Price Begins Downward Correction

Solana price has formed a support base and has started to break above the $185 level, just like Bitcoin and Ethereum. It has also strongly broken above the $195 and $200 resistance levels.

The price has even broken above the $212 level. The high was formed at $225, and the price is currently correcting the gains. The price has dropped below the $220 and $212 levels. The price has dropped below the 50% Fibonacci retracement level of the upward move from the $195 swing low to the $225 high.

On the Solana/USD hourly chart, the price has broken below a key bullish trend line, with support at $210. Solana is currently trading below the $212 and the 100-hour simple moving average.

The price is currently approaching the crucial $200 support, as well as the 76.4% Fibonacci retracement level of the upward move from the $195 swing low to the $225 high. On the upside, the price faces resistance around $208. The next major resistance is around $212.

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The major resistance level could be $225. A successful close above the $225 resistance level could lay the foundation for a further steady uptrend. The next key resistance level is $242. If the uptrend continues, the price could reach the $250 level.

More Losses for SOL?

If SOL fails to break above the $212 resistance, it may continue to decline. On the downside, the initial support is around $202. The first major support is around $200.

A break below the $200 level could see the price drop towards the $195 area. If the closing price falls below the $195 support, the price could drop towards the $185 support level in the short term.