Solana price plunges below $200 as bearish signals emerge
Solana price dropped below $200 following a sharp rejection at $213 and failed to hold the $198–$200 support zone. Technical analysis on the 4-hour chart shows a bearish MACD crossover and a declining RSI, suggesting a deeper retracement toward key support at $190–$192 and $185 if levels at $195–$198 fail. Trading volume surged over 100% in 24 hours, indicating potential buyer interest to defend the current level. Derivatives data from Coinglass reveals a slight short-term bearish bias, yet top traders on Binance maintain 2.7:1 long positions, viewing the pullback as a buy-the-dip opportunity. Market participants will watch the $198 pivot for a possible rebound toward $210–$213 and beyond to $220+.
Bearish
The breach of the $198–$200 support zone combined with a bearish MACD crossover and falling RSI indicates likely further retracement in the short term. Historically, similar rejections at key resistance levels have led to deeper pullbacks before consolidating. Despite increased trading volume and strong long positions by top traders signaling buy-the-dip sentiment, technical indicators point to cautious downside risk. In the long term, a successful defense of the $195–$198 area could attract buyers and set the stage for recovery, but immediate momentum remains bearish.