Solana Eyes Key Support as Price Moves Within Ascending Channel

• Solana must hold $190 support to sustain bullish momentum; a rebound could push it to $225 or higher.
• The 0.618 Fibonacci level at $197.41 is a crucial support zone, with lower supports at $180.91 and $165.72 if declines continue.
• A break above $220 could target $261.90, while losing $180.91 may accelerate declines toward $165.72 and lower levels.

According to analyst Ali, Solana (SOL) trades in its parallel channel and has a positive structure. The coin has dropped by 2.19% to $194.95. The major support level of $190 must be maintained in order to maintain the positive trend. SOL can rise to $225 or even $260 on a recovery. Losing this level, meanwhile, might render the optimistic perspective erroneous and lead to additional drops.

Solana Tests Critical Fibonacci Support

The price hovers near the 0.618 Fibonacci retracement level at $197.41, a crucial zone for potential rebounds. This level has historically acted as a strong support point. Besides, lower Fibonacci supports at $180.91 and $165.72 provide additional safety nets if further declines occur. Meanwhile, the 1.0 Fibonacci extension at $261.90 remains a key resistance level that SOL must reclaim to resume its uptrend.

SOL has traded within an ascending parallel channel since mid-year, bouncing between the upper and lower trendlines. Recently, it failed to sustain above $220, leading to a decline toward the lower boundary of the channel. Holding within this range is vital for continued bullish sentiment.

Key Levels to Watch in the Coming Days

if SOL rebounds, immediate resistance lies at $220. Beyond that, clearing $261.90 could open the doors for further gains. Higher Fibonacci extensions at 1.272 ($320.29), 1.414 ($355.78), and 1.618 ($413.75) present long-term bullish targets.

However, a breakdown below the lower trendline could shift sentiment to bearish. Losing support at $180.91 might accelerate declines toward $165.72, followed by $148.80 and $124.96. These levels serve as crucial downside targets if bearish momentum takes control.

Market Structure and Future Outlook

Following a robust rally, the market structure suggests a corrective period. Nonetheless, the long-term bullish prognosis is unaffected as long as SOL stays within the ascending channel. Furthermore, responses at Fibonacci and trendline levels will determine future price movements. Solana’s price new rally might be fueled by holding support at $190, but a collapse might lead to longer falls.