Here’s Why Solana (SOL)’s Rapid Rally Above $200 Could Be About to End

The price of $SOL is facing resistance after surpassing $200, suggesting a possible pullback as traders take profits. The rising selling pressure and the negative Balance of Profit (BoP) indicator are showing a bearish trend in the market. The key support level at $193.92 could be crucial in determining the direction of SOL, with risks of further declines if the selling continues.

💡 Quick Look: At the time of writing, SOL is trading at $202.51, holding above the support level at $193.92. The increasing selling pressure could lead to a retest of this crucial support. If buyers fail to defend this level, it will confirm the downside, pushing $SOL further down towards $169.36. On the other hand, a strong defense of this level could lead to a price recovery, re-energizing Solana’s price rally. If this happens, the uptrend at $SOL could have enough momentum to retest the three-year high at $225.21.