Solana price retreats near $195 amid market pressure, can it recover?

The recent Solana price rally has reversed as selling accelerates across the crypto market.

Solana price is trading near $195, down about 5% on the day after losing key support around $214, extending a sharp retreat from last week’s highs above $240.

The pullback comes amid a broader crypto market slide that has seen market giants like Bitcoin (BTC) and Ethereum (ETH) also decline, but Solana’s (SOL) drop has been steeper, leaving the token down roughly 20% for the week.

SOL’s drop comes as investors rush to take profits after its recent rally and broader sentiment turned risk-off. On-chain data shows whales have been moving significant amounts of the token to exchanges, accelerating sell-off pressure.

As the asset trades lower, the market’s focus is on whether buyers will step in or if further liquidation by major holders could deepen the decline.

Will Solana price bounce back?

Technical indicators show Solana is sitting just above a crucial support zone of $185, with recent price action showing signs that sellers may be running out of steam after the heavy selling. The Relative Strength Index (RSI) is approaching oversold territory, indicating that bearish momentum could be slowing and a bounce is possible. 

However, the moving average trends tell a mixed story. Shorter-term averages have dipped sharply as bears dominate, but longer-term averages remain intact. A drop below $185 could open the way for deeper losses toward $170 or even $156.

On the upside, a move back above $202 could re-establish positive sentiment, with resistance at $210 and $230 identified as the next key targets if buyers reclaim control. For now, SOL’s technical setup signals that a quick rebound is possible if support holds and is sustained by renewed buying interest and positive market catalysts.