Why Solana Price Trades Around $200 Even After Brutal Selloff?

Solana price remains resilient around the $200 mark despite experiencing a sharp market correction. The blockchain's growing popularity, fueled by the ongoing meme coin frenzy, continues to drive demand.

Solana price remained surprisingly resilient despite a brutal sell-off in the crypto markets on Friday. While other altcoins faced massive liquidations, SOL price managed to hold above crucial support levels.

As cryptocurrency markets experienced a downturn, a total of $2.2 billion in leveraged positions were liquidated across the crypto derivative exchanges. This large-scale liquidation event occurred as BTC price dropped below the $24,000 level. Among the traders liquidated, 96.83% were longs, indicating a strong bearish sentiment in the markets.

Solana price remained resilient despite the market sell-off, with technical indicators suggesting a potential price bounce. Several key support levels have been identified where buying interest is expected to be strong.

Solana price shows resilience in the face of market selloff

Solana price action remained relatively strong on Friday despite a broader market sell-off. SOL price hovers at $200, showing an 8% decrease following other crypto market declines.

However, Solana price resilience is surprising considering the market sell-off. But technical indicators suggest a potential price bounce from current levels. Two critical support zones have been highlighted by analysts where buying interest is expected.

The first major support level is around $186, coinciding with a historically significant demand zone. A deeper retracement could push the price toward the $161-$149 range, where previous accumulation has occurred.

If bulls maintain control at these levels, a recovery toward higher resistance zones could be imminent. On the upside, the Solana price prediction faces resistance near $220, a level that aligns with a previous rejection area.

A breakout above this region could open the door to $260-$280, where sellers might attempt to cap further gains. If momentum remains strong, an extension towards the $300 mark could be on the table.

However, failure to reclaim $220 could lead to another retest of support before a sustainable uptrend forms. Solana’s ability to hold above crucial support zones suggests strong demand, preventing significant downside.

If buyers step in, the next leg higher could bring a fresh attempt to reclaim the previous 220 levels.