Solana (SOL) Price Dips Below $200: Will It Find Support at $214 or Fall to $183?

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Solana (SOL) has seen its price fall below the critical $200 level, continuing its downward trend in today’s trading. After starting 2025 above $220, SOL now faces significant pressure. The decline is part of broader market struggles, with Bitcoin (BTC) also struggling to hold its support near $95,000. This raises questions: will Solana stabilize at $214, or is it headed for a further drop to $183?

Solana Price Analysis: A Make-or-Break Moment

Crypto analyst Ali highlights that Solana is currently in a consolidation phase, forming a symmetrical triangle on the trading charts. This pattern suggests a major price move could be on the horizon. According to Ali, a decisive break above $214 or below $183 could trigger a price shift of approximately 40%. With the cryptocurrency’s price action tightening, many traders believe a significant move is imminent as SOL approaches the apex of this triangle.

Despite the buzz surrounding Solana’s recent ETF approval, the broader cryptocurrency market remains uncertain, with SOL struggling to maintain upward momentum. Currently, Solana’s price hovers within the $180 to $200 range, signaling indecision as the market reacts to negative external factors. As of Monday, January 13th, the SOL price was $182, down 2% in the last 24 hours and 15% in the past week.

What’s Next for Solana?

The Relative Strength Index (RSI) on the 4-hour chart stands at 32, nearing the oversold region. This suggests that while SOL has solid support above $180, it’s still vulnerable to further decline if market conditions worsen. If the price manages to break above $200, the next target could be the $214 mark, potentially signaling a bullish continuation up to $220. However, if it falls below $180, the next critical support level could be $170, opening the door for even deeper losses.

Traders are keeping a close eye on Solana’s price movements as it remains at a crucial crossroads. With derivatives trading volume up 26%, there’s an increase in market activity, though open interest has dropped slightly by 1.67%. These dynamics indicate that while trading volume is high, investor sentiment remains cautious.

As Solana nears its key levels, the direction it takes in the coming days could set the tone for the broader market.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

Also Read: Solana (SOL) Teeters at $180: Will Social Sentiment and On-Chain Activity Decide Its Fate?