Solana’s (SOL) price remains around $200 and strives to recover from the recent decline. Analyst Ali Martinez pointed out a parallel channel pattern in his recent analysis that could determine SOL’s next price path. Martinez suggests that if the uptrend strengthens, Solana could reach the $350 resistance level. However, if the price falls below this channel, we might witness a sharp correction to the $150 support level. Meanwhile, according to CoinGlass platform data, Solana’s derivatives market has recently experienced significant changes. The future trading volume of Solana has dropped by 34%, but its futures market profit index has increased by 0.86% to reach $5.48 billion. This indicates continued trader participation despite a decrease in trading volume. At the time of writing this news, Solana’s price is around $200, showing signs of a potential trend change after a consolidation period. The Relative Strength Index (RSI) is at 42, indicating relatively neutral conditions with the possibility of upward growth. If Solana can break the $220 resistance, it may move towards $250 and then target $300 and $350. On the other hand, if this digital asset fails to maintain the $200 level, it could first drop to $160 and then to $150.
