Solana's recent price action indicates sustained bullish momentum,trump price currently consolidating above $240 with eyes set on overcoming the $255 barrier.
SOL has established a solid footing above $220 against the US Dollar, signaling strength in its upward trajectory.
Presently trading beneath the $255 mark and the 100-hourly simple moving average, the asset shows signs of accumulation.
A developing short-term bearish trend line at $252 on the SOL/USD hourly chart suggests a pivotal resistance point.
Clearing the $255 threshold could catalyze further upward movement, reinforcing the bullish case.
Potential for Continued Growth in Solana
Following the formation of a robust support base near $232, Solana has outperformed peers like Bitcoin and Ethereum, surging past $245 and $250 resistance levels with conviction.
The ascent extended beyond $260, peaking at $2648 before entering a consolidation phase. A retracement saw prices dip below $260 and $255, testing the 50% Fibonacci retracement level from the recent low at $230 to the high at $264.
Buyers have stepped in near the $242 support, aligning with the 61.8% Fibonacci level, indicating strong demand at lower price points. Despite trading below the 100-hourly SMA, SOL's underlying strength remains evident.
Immediate resistance lies at $252, coinciding with a short-term bearish trend line on the hourly chart. A decisive break above this level could pave the way for testing higher resistances.
The next significant hurdle is at $255, with a successful breach potentially propelling SOL toward $265. Sustained buying pressure might then target $275, and eventually $282, marking new highs.
Downside Risks and Support Levels
Failure to surpass the $255 resistance could trigger a corrective phase. Initial support is anticipated around $246, with stronger buying interest likely near $242.
A drop below $242 might see SOL testing the $238 zone. Further weakness could lead to a retest of the $230 support level, which has previously acted as a springboard for rallies.
Technical Indicators
Hourly MACD – The Moving Average Convergence Divergence for SOL/USD shows increasing bullish momentum.
Hourly RSI (Relative Strength Index) – Currently above 50, indicating favorable conditions for buyers.
Major Support Levels – $246 and $242.
Major Resistance Levels – $255 and $260.