Update #SOLUSDT
Solana is currently trading above a long-term upward trendline on the weekly chart, which has formed strong dynamic support since early 2021.
Despite the recent rejection from the major resistance area around $200-$250, the price remains committed to the trendline, indicating that the bullish structure is still intact for now.
However, the recent sharp rejection and the formation of lower highs suggest weakening momentum.
If Solana fails to maintain the upward trendline, it could lead to a deeper correction. Bulls need a strong bounce from this level to sustain the bullish trend and attempt another breakout above the specified resistance area.
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