Solana price bounces at $145 amid oversold conditions: Bullish rally ahead?

Solana price has rebounded from the $142 support level after entering oversold conditions. Holding above $145 could potentially spark a relief rally toward $200 if bullish momentum is confirmed. The token has shown early signs of stabilization after weeks of heavy selling pressure.

• Major Support: $145, tested twice and currently holding on the high-timeframe chart.
• Immediate Resistance: $200, the next key barrier for bullish continuation.
• Market Condition: Oversold, signaling potential for a short-term recovery.

Solana's recent correction has been aggressive, pushing the price into the $142–$145 support zone, where buyers stepped in to defend this area. This zone has held firm on two occasions, highlighting strong demand despite the prevailing bearish momentum. From a technical perspective, this could signal the early stages of a double-bottom formation, a bullish pattern typically preceding recoveries.

For Solana to confirm a sustained rally, it must reclaim the value area low lost during the prior decline. Regaining this level would indicate that buyers are re-establishing control and the market structure is beginning to recover. However, without this confirmation, any rebound risks fading into further sideways trading.

The next critical resistance for Solana lies at $200, which marks the upper boundary of its current trading range. A confirmed breakout above this level, accompanied by substantial bullish volume, would signal a shift in momentum and potentially trigger a larger rally. In the meantime, Solana is likely to trade between $145 support and $200 resistance, forming a consolidation range.

Momentum indicators across multiple timeframes flash oversold signals, hinting at a potential short-term rebound. However, a sustained reversal requires:

• Expansion in trading volume.
• A clear reclaim of lost resistance levels ($200 level). Without these factors, any bounce may fail to break the consolidation phase.

If Solana maintains its position above the $145 support, it could rotate towards $200 resistance in the short term. A daily close above $200 would confirm a bullish structural shift and possibly lead to continued rallies targeting higher resistances. However, failure to reclaim $200 might prolong the consolidation phase or lead to another retest of support.