Yes, it is possible for a satellite to remain stationary above a point on Earth's surface. Such satellites are called geostationary satellites. They orbit the Earth at an altitude of approximately 35,786 kilometers (22,236 miles) above the equator. At this specific altitude, the satellite's orbital period matches the Earth's rotation period, resulting in the satellite appearing to be stationary relative to a fixed point on the ground.
Geostationary satellites are often used for various purposes, such as telecommunications, weather monitoring, and broadcasting. By remaining stationary above a specific point, they provide consistent coverage for a particular region on Earth. To maintain their position, these satellites need to be positioned precisely in the geostationary orbit and require periodic adjustments to compensate for various factors like gravitational forces and solar radiation pressure.
It's important to note that geostationary satellites can only maintain a fixed position above the equator. They cannot remain stationary above points at other latitudes since the Earth's rotation axis is tilted relative to the equator.