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Solana (SOL) Price Bounces Back Above $200, What’s Next?

Solana (SOL) Price Bounces Back Above $200, What’s Next?
Solana (SOL) has experienced a bounce back in price, surpassing $200 after facing market uncertainty. The cryptocurrency has outperformed Ethereum (ETH) and XRP, maintaining its upward trend within an ascending channel. SOL faces crucial resistance levels that will determine its next move. Despite the price reclaiming $200, open interest data suggests reduced market participation, indicating traders may be closing positions for short-term profits or due to uncertainties. The 13-day EMA moving above the 49-day EMA signals a bullish trend, while the MACD line beneath the signal line suggests short-term bearish pressure. The RSI value remains below the average, indicating weak price movement. $200 is the immediate support level, while $210-$220 is an important supply zone that, if surpassed, could lead to further buying pressure and a price target of $250-$280.

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