Solana Technical Analysis Report: Bearish Sentiment and Falling to 172.00 Support Level

Solana cryptocurrency reversed down from the resistance zone between 200.00 and the daily Bollinger Band. Given the strength of the resistance level 200.00 and the bearish sentiment in the markets, Solana can be expected to fall to the next support level 172.00, which reversed the price at the start of August.

Solana (SOL) has shown resilience in recent trading sessions, bouncing back from a significant drop to $192 during the day on August 16, 2025. The cryptocurrency's price has since stabilized around $197.50, indicating a strong rebound from important support zones. This move is supported by robust spot inflows, which have injected $44.14 million in capital into the market [1].

The current price action places SOL at a critical juncture near the $200–$210 resistance area, where several technical levels converge. The resistance levels at $199.25 and $210.00 are particularly significant, as they align with key Fibonacci retracement and historical liquidity zones. The price dynamics suggest that SOL is trading within a rising channel, with the recent price move testing the upper half of this structure [1].

The technical indicators further support this bullish outlook. The Relative Strength Index (RSI) is at 62.65, indicating moderate bullish momentum without overbought conditions. The Directional Movement Index (DMI) shows a +DI of 29.20 above -DI of 26.48, with an ADX of 11.21, signaling a developing but not yet strong trend. The Exponential Moving Average (EMA) cluster and Bollinger Bands also suggest a bullish alignment, with the latter showing price rebounding from the mid-band after briefly pulling back from the upper band [1].

However, the market sentiment has shifted towards bearishness, with SOL's price dropping back from the resistance zone between $200.00 and the daily Bollinger Band. Given the strength of the resistance level at $200.00 and the prevailing bearish sentiment, it is expected that SOL will fall to the next support level at $172.00, which reversed the price at the start of August [1].

Institutional interest in SOL remains strong, with corporations like Upexi and BIT Mining adding to their treasuries. The recent presale of SNORT, the native token of Snorter Bot, raised over $3 million, indicating growing demand for accessible trading assistants in the volatile meme coin market [3].

References:

[1] Coinedition. (2025). Solana Price Prediction for August 16, 2025. Retrieved from https://coinedition.com/solana-sol-price-prediction-for-august-16-2025/

[3] Cryptopolitan. (2025). Best Crypto Presale to Buy: Snorter Raises $3M as Solana Surpasses $200. Retrieved from https://www.cryptopolitan.com/best-crypto-presale-to-buy-snorter-raises-3m-as-solana-surpasses-200/