Solana Slumps Below $190 After $205 Resistance, Eyes $176 Support
Solana price slipped below $190 after failing to break the $205–$206 resistance level, dropping 6% in 24 hours. This pullback follows a 20% rally that stalled near key resistance. Analysts highlight the $172–$176 demand zone as critical support, with $160 as a fallback if that level fails. On the 12-hour chart, an ascending triangle forms, indicating potential for a breakout above $207. Fibonacci targets sit at $250, $277, and $320 once volume confirms a move higher.
Institutional interest remains strong. Pantera Capital plans a $1.25 billion Solana-focused fund. Galaxy Digital, Jump Crypto, and Multicoin Capital aim to raise $1 billion for a joint Solana reserve. Sharps Technology announced a $400 million private placement backed by Pantera and ParaFi Capital. These moves underline growing confidence in Solana price, even amid short-term weakness.
Bearish
The failure to break the $205–$206 resistance and the 6% drop under $190 signal bearish sentiment in the short term. Traders may wait for a reaction at the $172–$176 demand zone before reentering. Similar pullbacks in past rallies led to sideways consolidation before resuming upward moves. However, ascending triangle patterns and strong institutional inflows suggest that, if support holds, a rebound could restore bullish momentum.