Solana (SOL) traded at $188.51 after a sharp rejection from the $205–$206 resistance zone, initiating a market pullback. The daily trading volume reached $9.53 billion.
Rejection at Resistance and Market Pullback
A chart shared by BitGuru indicates that SOL's price failed to hold above $205–$206, marking the end of a momentum-driven rally that had extended more than 20%. Earlier in August, SOL formed a double bottom near $165 before rallying, but the movement lost strength upon testing the resistance level.
Liquidation Wave Clears Long Positions
Another chart shared by CW showed SOL's price action overlaid with a liquidation heatmap, indicating that long positions were liquidated between $200 and $210. As price failed to maintain momentum, the liquidation wave triggered strong selling pressure. CW commented, '$SOL’s all long positions were also liquidated.'
Outlook for Solana
Currently, SOL is consolidating around $188–$190. Attention on the $172–$176 demand zone may determine whether fresh buyers will emerge. Holding above this level could stabilize the token, while further downside may reopen a test of $165 support.
Solana's pullback after rejection at $206 highlights the $172–$176 demand zone as a critical test for the asset. The next few days may define its further trajectory.
