Solana News Today: Solana's $200 Slide: Strong Tech vs. Bearish Momentum

Solana (SOL) Weakens Again - Break Below $200 Opens Door For Further Decline

Solana's price has slipped below the critical $200 level, raising concerns about a potential deeper correction in the cryptocurrency. The token, which briefly surged to a 52-week high of $253 in April 2025, has since faced persistent resistance at $200, failing to sustain momentum above this threshold. Technical analysts and market observers are now warning that a breakdown below $192 could trigger further declines, with key support levels at $188 and $180 looming as potential targets, according to a TradingView analysis.

The recent pullback follows multiple failed attempts to push through the $200 barrier, with Solana's price currently trading at $197, just shy of that critical resistance. On the hourly chart, the asset has broken below a bullish trend line with support at $198, while the 100-hourly simple moving average now acts as overhead pressure, the TradingView piece notes. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators suggest bearish momentum, with the RSI below 50 and the MACD gaining pace in the negative zone, according to that TradingView report.

Despite the technical headwinds, Solana's fundamentals remain robust. The blockchain's proof-of-history consensus mechanism enables high throughput and low fees, processing up to 65,000 transactions per second—theoretical maximum—compared to Ethereum's 20 tps, according to a Motley Fool article. This efficiency has positioned Solana as a key player in decentralized finance (DeFi), though it still trails Ethereum in total value locked (TVL), with $11 billion compared to Ethereum's $83 billion, the Motley Fool article adds. Analysts note that Solana's recent performance during a market-wide sell-off demonstrated its resilience, as it maintained low fees and high throughput amid surging transaction volumes, the Motley Fool piece observed.

Market sentiment remains mixed. While some investors view the current price as a buying opportunity, particularly with anticipation of a spot Solana ETF approval, others caution against overcommitting. Several fund managers have filed applications for Solana ETFs, with provisional approval already granted to one proposal by the Securities and Exchange Commission, as reported by the Motley Fool piece. However, the broader market's bearish tone—exacerbated by a recent 18% drop in Solana's supply in profit—has intensified selling pressure, according to a Yahoo Finance report. Exchange inflows have also spiked, with 1.5 million SOL ($300 million) moved to exchanges in the past 10 days, signaling bearish positioning, the Yahoo Finance article noted.

Technical analysts project a pivotal near-term test for Solana. A decisive close above $200 could invalidate the bearish outlook and push the price toward $213, while a breakdown below $192 might accelerate a decline toward $183 or $175, according to a CCN analysis. On the daily chart, Solana is trapped within a descending parallel channel, with the lower boundary near $185 and the upper at $250, that CCN analysis states. A failure to break out of this range could confirm the end of its current bull cycle, with long-term projections suggesting a potential drop to $59–$69 if the corrective wave completes, the CCN piece warns.

Short-term price predictions are cautiously optimistic, with some analysts targeting a $204–$210 range by mid-November, contingent on increased volume and RSI strength, according to a Blockchain.News prediction. However, these forecasts hinge on broader market stability and the absence of further regulatory headwinds.