Solana Price Finds Support at $200,Potential for Rebound Looms
Solana’s price has taken a sharp turn,falling from nearly $260 to the $200 support level. This drop aligns with the 0.618 Fibonacci retracement, a key technical level where Solana has historically seen strong reversals. The Relative Strength Index (RSI) is now in oversold territory, signaling that the selling pressure may be easing.
traders are closely watching the $200 support. If it holds, solana could bounce back toward the $230–$260 range. This level is critically important not just as of Fibonacci alignment but also because it’s a psychological round number where liquidity tends to pool.
adding to Solana’s positive outlook, Kazakhstan is launching a stablecoin backed by Solana, Mastercard, and a major local bank. This development could bolster Solana’s long-term prospects.
Key technical points to watch:
- Support Test: Price has reached the $200 region, matching the 0.618 Fibonacci retracement.
- RSI Oversold: The RSI is below 30, indicating oversold conditions.
- Potential Rotation: Ancient data suggests solana often rebounds from 0.618 levels.
PancakeSwap now supports Solana in cross-chain swaps,enhancing its ecosystem. In the short term, the oversold RSI and strong $200 support favor a rebound. A accomplished defense of this zone could push Solana back toward $230–$260.
