Ethereum Rotation Delays Leave Solana Bulls Defending $180 Support Line: $175 Next?

TLDR:

• Solana price sits above $180 but faces pressure near $188 resistance as traders eye $175 downside risk.
• The 200-day EMA at $183 is a key level for Solana’s next move, shaping trader sentiment this week.
• Solana’s price has gained 6.8% in the past week but slipped 2.8% in the past 24 hours.
• Market watchers compare Solana’s lagging momentum to Ethereum’s stronger performance in recent days.

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The crypto market spotlight is on Solana after price action brought the token closer to critical levels. Traders are watching closely as Solana balances between institutional interest and technical support. 

The token’s movement is interesting because Ethereum has been showing stronger relative performance. This comes as investors weigh whether Solana’s treasury dynamics can create lasting demand in the open market. 

Market analysts caution that the next move may depend heavily on price behavior around a single technical marker.

Solana Price Holds Near 200-Day EMA

Altcoin Sherpa shared in a post on X that Solana could revisit $175 if downside pressure builds. He noted that institutional buying patterns may shape whether prices hold up. According to him, locked treasury holdings may not provide the same effect as open market purchases. He added that Ethereum’s recent outperformance has left Solana lagging in rotation.

Charts show Solana has dropped from highs near $220 to current levels just above $180. The 200-day Exponential Moving Average (EMA) is now sitting at $183.41. Analysts describe this line as dynamic support, and its role is being tested. If prices close below it, traders see risks of an extended pullback.

Volume also reflects this struggle. Spikes appear at turning points, yet recent days have shown weaker participation. That low activity suggests hesitation in both directions. This aligns with Sherpa’s observation that buying momentum from traditional finance remains uncertain.

The Relative Strength Index (RSI) further reflects caution. It sits in a neutral to slightly oversold band, showing lack of conviction. Traders suggest this could lead to sideways trading unless external drivers emerge. The support area between $175 and $180 is being closely monitored.

Resistance and Short-Term Trading Zones for SOL

Price data from CoinGecko shows Solana trading at $191.78 at the time of writing. 

That marks a 2.82% decline in 24 hours, though the token has climbed 6.80% over the past week. Traders highlight the $188 to $190 region as overhead resistance. A break and close above this area may set up a push toward $200.

Solana price on CoinGecko

If momentum fails, eyes turn back to $175 support. Analysts point out that losing this level could open the door to deeper retracements. Traders agree that the broader market sentiment will be decisive. How institutional buyers engage with Solana’s supply remains a central question.

For now, the market has no clear direction. Ethereum has been favored in recent sessions, delaying rotation into Solana. That divergence keeps Solana vulnerable unless stronger buying activity appears. The coming days may decide whether the token holds ground above its 200-day EMA or slips further.

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