Solana price analysis (Bullish) — 194.26 USDT (-0.63% 24h)

SOL is currently trading at $194.26, showing modest weakness with a 0.63% decline over the past 24 hours. The technical picture reveals interesting dynamics – while price sits below both the 20-day SMA ($195.96) and 50-day SMA ($196.83), the RSI reading of 41.9 suggests the asset is approaching oversold territory without being severely extended. This creates potential for a near-term bounce, particularly given the healthy $1.05 billion in daily volume indicating sustained institutional interest. The 3.44% volatility reading suggests relatively stable conditions compared to SOL’s historical ranges. Traders should watch for a decisive break above the $196-197 SMA confluence zone, which could trigger momentum buying toward $200 psychological resistance. Support appears firm around $190, with a break below potentially testing $185. Given the oversold RSI conditions, scaling into long positions on dips toward $192-193 appears favorable for swing traders, with tight stops below $188.