Solana (SOL) Demonstrates Resilience Amid Market Correction, Meme Coin Trading and Investor Interest Stabilize Its Price

Solana's blockchain continues to attract attention due to its low transaction fees and high-speed performance, making it a preferred platform for meme coin trading.

The crypto market faced a sharp correction on Monday, with over $2 billion in liquidations recorded within 24 hours. Despite this downturn, Solana (SOL) has shown resilience, trading around the $200 mark. The network’s growing popularity in meme coin trading and strong investor interest have played a pivotal role in stabilizing its price.

Solana’s blockchain has gained attention due to its low transaction fees and high-speed performance, making it a preferred platform for meme coin trading. Tokens like BONK and WIF have gained traction on the Solana network, driving retail interest and sustaining demand for Solana-based assets.

The broader meme coin market on Solana currently holds a market cap of $12 billion. Although this figure reflects a 13.4% decline over the past 24 hours, the network’s utility has helped reduce selling pressure, allowing SOL to maintain its position near $200.

Moreover, investors are opting to hold their tokens for speculative trading opportunities, further bolstering price stability.

Technical indicators on the 1-hour SOL/USDT chart present mixed signals. The asset trades below its 20-period moving average, indicating persistent bearish momentum. Bollinger Bands show reduced volatility, and the Awesome Oscillator (AO) suggests a weakening bullish effort as positive bars decline.

Meanwhile, the Relative Strength Index (RSI) stands at 42.19, reflecting mild bearishness. However, its slight upward movement hints at a potential recovery attempt.

Key levels to watch include $200 as resistance and $185 as a support zone. Breaking either level could determine Solana’s next price direction.

Solana’s price has retested the lower border of a macro-rising channel. According to crypto analyst Ali Martinez, “SOL price must rebound from the support level of around $191 to avoid a potential selloff towards $138.”

Furthermore, the TD Sequential indicator on Solana’s daily chart has presented a buy signal, suggesting possible upward momentum. This development could attract renewed interest from traders seeking short-term gains.

In the middle of this madness, the TD Sequential indicator presents a buy signal on the Solana $SOL daily chart!

Market data shows that Solana's price trades at $196.28, reflecting a 7.12% decline over the past 24 hours and a 15.50% drop in the last seven days. Its circulating supply is 490 million SOL, and its current market cap is $95 billion.

While broader market uncertainty persists, Solana’s ecosystem and active trading activities provide a foundation for potential recovery. Investors are keeping an eye on its ability to maintain critical support levels in the coming days.