Solana Eyes Recovery

• Solana is targeting price recovery after a significant 45% drop, with targets set between $190-$210, despite cautious market sentiment.

• SOL has found support at $150, forming a curved bottom pattern that indicates potential upward movement toward key resistance levels.

• A breakout above $190 could signal short-term bullish strength, while a failure to surpass $200 may lead to another retracement.

XO shared insights on Solana’s price action, noting a 45% decline from all-time highs amidst bearish sentiment driven by token unlocks and criticism. Despite these challenges, Solana is seeing signs of a rebound with targets positioned between $190 and $210.

The SOL/USDT pair on Binance has displayed a significant downward trend followed by a consolidation phase. The price recently filled an inefficiency from earlier movements, finding critical short-term support around $150, where buyers have stepped in to stabilize the market.

> $SOL
> Liking solana around these levels for a probable mean reversion / rotation play back up over the coming weeks intop 190’s – possibly 210’s
>
> -45% drop from ATH’s and bearish sentiment around unlocks and Solana bashing…
> Currently long and building link
> — XO (@Trader_XO) February 20, 2025

Technical Levels Indicate Potential Upside

The chart indicates a curved bottom pattern, which suggests a possible upward movement toward local resistance levels. If bullish momentum persists, Solana could trade within the $200-$220 resistance range, coinciding with previous liquidity levels, indicating a potential sell-off area.

Currently, SOL is trading around $173.01, attempting to recover from its recent decline. A breakout above $190 would further confirm short-term bullish strength, whereas rejection at resistance may lead to another retracement.

Market Sentiment and Key Indicators

The recent downturn resulted in a 45.74% drop in value, with SOL losing 135.43 points. However, local support at $150 has established a foundation for possible recovery. While market sentiment remains cautious due to bearish factors like unlock concerns, there is potential for a price bounce. Nonetheless, further declines may occur if Solana can’t breach resistance.

A confirmed breakout above $200 could shift momentum favorably for bulls. Technical indicators support these critical support and resistance points, providing traders with strategic entry and exit options. Future price actions will determine whether Solana can regain upward momentum or face renewed selling pressure.