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Solana Price at Crossroads: Will $190 or $199 Determine Its Next Move?

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Solana Price At Crossroads: Will $190 Or $199 Determine Its Next Move?

Solana Price at Crossroads: Can $190 Provide the Support Needed for a Bullish Run?

Solana Price at Crossroads- Solana (SOL) continues to face volatility in its price action, but traders can gain insight into potential market moves by focusing on Open Interest (OI) data. A recent 3-day OI heatmap has highlighted two critical price levels: $190 and $199. These levels have become key pivot points, with $190 acting as solid support and $199 serving as resistance, but with the potential to flip into support if momentum continues.

Key Levels: $190 as Support and $199 as Resistance

The $190 level has proven to be a strong support zone, with a high concentration of OI activity. Buyers have consistently stepped in at this level, preventing further price declines. If this level holds, traders may look for a potential rebound. However, if $190 fails to hold, a retest of lower levels could trigger sell-offs, especially from leveraged positions.

Solana Price At Crossroads: Will $190 Or $199 Determine Its Next Move?
Source: Hyblock Capital

On the other hand, the $199 zone initially acted as resistance, with multiple rejections observed. The OI data suggested significant sell orders clustered at this level. However, Solana recently broke above $199, suggesting that this level may now become a support zone if the breakout is sustained. A sustained breakout above $199 could lead to a price move toward $205 or beyond.

OI and Volume Insights: Watch for Breakouts

With the price of Solana at $201 at the time of writing, the recent breakout above $199 suggests bullish momentum. Traders should keep an eye on OI spikes around $205, as this could signal further resistance or profit-taking zones. Conversely, a slip below $199 could lead to a fakeout, potentially sending Solana back toward the $190 support level.

Solana Price At Crossroads: Will $190 Or $199 Determine Its Next Move?
Source: TradingView

Traders should continue monitoring the OI data and price action around these key levels to navigate Solana’s next move effectively. A consolidation above $199 would confirm bullish strength, while failure to hold this level could indicate further market uncertainty.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.

Solana Price At Crossroads: Will $190 Or $199 Determine Its Next Move?
Written by
Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.

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