- Solana reached a $234 peak before strong rejection, with sellers pushing price into consolidation between the $200 and $220 zone.
- Buyers defend the $200 floor while sellers cap momentum near $220, creating a crucial battlefield that will decide the next market move.
- Bloomberg cited Solana ETF approval odds at 100%, while stablecoin supply surged $400 million, reinforcing broader market interest in the network.
Solana is consolidating between $200 and $220 after a rally to $234 faced rejection, leaving traders focused on support strength.
Rally Peaks at $234 Before Sharp Reversal
BitGuru noted on X that Solana’s recent move was a “bullish beauty,” with $SOL surging to $234 before sharp rejection occurred. The post explained how buyers dominated the move, pushing the market into a cycle high backed by aggressive demand.
The rally stalled in the $234 to $240 supply zone, where heavy profit-taking created downward pressure. Sellers took advantage of the area, triggering a reversal that cut into the strong momentum. This rejection quickly shifted the chart into a corrective phase.
Despite the setback, the structure remained constructive, with the asset transitioning into consolidation. Traders now view the retreat as a pause after the impulsive surge rather than a full breakdown.
Support Battle Between $200 and $220
At present, Solana trades between $200 and $220, a level acting as a critical support-resistance zone. Buyers have repeatedly defended the $200 floor, signaling firm interest whenever the market approaches that threshold.
Sellers, however, remain active near $220, halting any attempt to recover higher ground. This constant pressure has formed a clear battleground where both sides continue to exert influence. The standoff has led to reduced volatility but created anticipation of a decisive breakout.
Should the market reclaim $220 with strong trading volume, a renewed push toward $234 becomes increasingly likely. On the other hand, failure to maintain the $200 base may lead to losses extending toward $190.
Wider Developments Around Solana’s Ecosystem
Beyond price activity, developments surrounding Solana have fueled additional market interest. CryptoCurb referenced Bloomberg’s call that Solana ETF approval odds were at 100%, a statement that gained traction across the community.
Coin Bureau highlighted that Solana’s stablecoin supply rose by nearly $400 million in just 24 hours. This sharp expansion underscores the blockchain’s rising utility and growing demand for assets within its ecosystem.
BitGuru’s broader perspective framed the present setup as healthy consolidation. As long as buyers continue to protect $200, the structure remains supportive of another potential test of $234.
