Solana could see a sustained recovery if it holds above $200 

• SOL has surged by 5.02% over the past 24 hours.
• Solana could see a sustained recovery if it holds above $200.

After dropping to a low of $179, Solana [SOL] has made a moderate recovery to reach $220. However, the altcoin has retraced since then. In fact, as of this writing, Solana was trading at $206.

This marked a 5.02% increase on daily charts. Before these gains, SOl had been on a downward trajectory dropping by 14.12% on weekly charts.

With the recent price recovery, the altcoin has left analysts talking about a possible sustained recovery. Inasmuch, popular crypto analyst Man of Bitcoin has suggested a potential recovery citing Fibonacci wave 3.

Market sentiment suggests…

In his analysis, ManofBitcoin observed that Solana’s price is working on wave-3 to the upside.

Source: X

Usually, wave 3 is the most powerful and extended, often reaching 1.618x or even 2.618x the length of wave 1.

Therefore, if this uptrend holds, the realistic target for SOL would be $225. However, if the altcoin fails to hold, and loses momentum, wave three could fall off expectations resulting in a pullback.

Can Solana see a sustained recovery?

While the analysis provided above offers a promising outlook, it’s essential to countercheck other market indicators and determine what they suggest.

According to AMBCrypto’s analysis, Solana was gaining short-term upward momentum which could see the altcoin make some gains on its price charts.

Source: Coinalyze

For example, Solana’s Futures Basis has remained positive on Binance, and Kraken. When this remains positive, it implies that futures contracts are trading at a premium to the spot price.

This reflects bullish market sentiments with traders expecting prices to increase thus they pay a fee to hold their positions.

Source: Coinalyze

This bullishness is further confirmed as long position holders are dominating the market.

Coinalyze data shows that long positions comprise 76.42% of daily timeframes. When more traders are going long, it implies they anticipate prices to recover.

Source: Coinglass

Outflows have exceeded inflows, indicating more investors are withdrawing their SOL from exchanges than depositing.

With a negative Spot Netflow, it suggests traders are accumulating and storing them in private wallets, waiting for suitable conditions to reenter the market.

Read Solana’s [SOL] Price Prediction 2025–2026

Although Solana has declined over the past week, it’s not an isolated case since the wider crypto market has also experienced a dip.

If the market remains optimistic, we could see SOL reclaim $219 and then attempt a $223 breakout.

For this bullish outlook to hold, the altcoin must stay above $200. Conversely, a potential correction could see SOL drop below $200 again.