Solana (SOL) was trading near $193 after facing resistance at $210. The price remains in a tight range between $190 and $210 as buyers try to stabilize the market after recent losses. The current 24-hour trading volume stands at over $9.1 billion, with a weekly price drop of more than 14%.
Price Struggles to Break Above $210
The 4-hour chart shows SOL moving in a sideways pattern after bouncing from the $170 zone. It rallied earlier to $253 but entered a correction phase shortly after. The recovery attempt faced multiple rejections at $210, forming a clear resistance zone that traders are now watching.
BitGuru noted,
“$SOL is hovering around $193, showing signs of a pullback after facing rejection near $210.”
This zone has been tested several times but failed to hold, reflecting strong sell pressure. Without a breakout above $210, the current price action remains inside a neutral-to-bearish consolidation.
$190 Support Key for Short-Term Structure
SOL was holding the lower end of its range at $190. A breakdown from this level may invite further downside toward previous support near $180. So far, buyers have managed to defend this zone with moderate bounces, keeping the price above key retracement levels.
The Fibonacci levels plotted on the 30-minute chart show that SOL bounced from the 1.0 level at $189.60. The price recovered quickly, showing a long lower wick. This suggests buying interest near that level, which could be a short-term floor. A drop below $189 would weaken the current setup and possibly trigger lower targets.
Wave Count Suggests Breakout Risk Above $211
According to Man of Bitcoin, the chart may reflect an early-stage Elliott Wave formation. He stated, “It’s possible that this 1-2 setup has already been completed.” The bounce from $189 aligns with the wave 2 bottom scenario, but the pattern remains unconfirmed.
To validate a wave 3 move to the upside, SOL would need to clear the $211 resistance with strong volume. The 0.382 and 0.5 retracement levels at $195.93 and $191.30 are key areas to monitor during the ongoing consolidation. Until a breakout above $211 occurs, the structure remains uncertain.
Outlook Hinges on Breakout or Breakdown
The market is watching both $190 and $210 closely. A move above $210 could resume bullish momentum, while a break below $190 may extend the correction. For now, Solana trades in a narrow range as traders look for a decisive move to confirm the next trend direction.