Solana Surges Despite Pullback: Breakout Around $240 Level

• Solana climbed higher than $210 and briefly traded at $218 despite larger market declines.
• SOL price at $197.78 with a market capitalization of $106.98 billion, supported at $200 and resisted at $215.
• Analysts regard correction as consolidation and anticipate a possible breakout towards $240 if support at $200 holds.

Solana (SOL) has demonstrated impressive resilience, maintaining strength while most major cryptocurrencies declined. On August 29, SOL surged above $210 and peaked at $218 before briefly falling below $200.

Technical readings imply that Solana’s downturn is a corrective move instead of a negative one. Analysts note that the pullback can form a strong foundation for yet another breakout. Despite broader market uncertainty, SOL’s movement indicates a consolidating phase instead of weakness and is poised to lead the charge once favorable circumstances come together to favor an upside move.

Solana currently exchanges at about $197.09, which is down 3.56% on the day, with a market cap varies at $106.98 billion. Although day figures appear discouraging, Solana’s broader performance continues to highlight relative strength compared to peers, reinforcing confidence among long-term investors.

Source: TradingView

Also Read | Solana Price Prediction: Will $205 Hold or Spark a Major Breakdown?

Solana Price Faces Key $200 Support

According to a recent post, $SOL emerged as the most mentioned ticker in the past hour, signaling heightened market attention. Solana is currently within a bearish trend and is trading below the 5, 10, and 20-hour moving averages. Analysts note a strong support at roughly $200 and the resistance at roughly $215.

Source: X

Technicals are weak, and the RSI is moving downwards, and the MACD is showing bearish momentum, indicating possible further declines if it fails at support. Traders are observing these levels closely for potential market responses.

SOL Momentum Could Reach $240

Analyst RLinda emphasized that the correction is not a reversal. It is instead consolidation in a healthy pattern. He expects a liquidity test between $202.5 and $195.3. Preserving the $200 support zone intact may keep Solana on its positive trajectory despite temporary volatility and confusing trading action.

Source: TradingView

In case the support around $200 is maintained, SOL may go up to $215 again and later surpass $220. Analyst RLinda said that the small drop is similar to a pause in the trend, not a turnaround. 

If $200 zone remains intact, Solana could likely take the positive trend back with a move toward $240 becoming possible within the next several days. Although the correction period is not yet over, the fact that SOL has managed to stay strong and has attracted investors’ attention to lead the next market uptrend once the ongoing correction concludes.

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