Solana maintains its strength - Does the $220 level represent the next big breakout?
Solana $SOL $BTC
SOL
185.1
-3.84%
It continues to show notable strength amid market turmoil. After holding above $185 for several sessions, the asset is now stabilizing around $190, trading comfortably above the 100-hour simple moving average.
Earlier in the week, bulls reclaimed the $192 level, briefly pushing Solana above the $200 level, reaching $202 before a slight pullback.
Key price levels
Immediate resistance: $198, followed by the critical $202 area.
A decisive close above $202 could trigger new upward momentum, targeting $210 and possibly $220.
Immediate support: $192, with stronger buying pressure near $188 - which is a 61.8% Fibonacci retracement level of the rise from $174 to $210.
A drop below $188 could open the way towards $180 and $175.
Technical outlook
Moving Average Convergence Divergence (MACD): losing some momentum but still in the positive zone.
Relative Strength Index (RSI): below 50, indicating consolidation before the next potential breakout.
Market sentiment
Solana's ability to maintain strong support levels amid the uncertainty facing the market overall is encouraging. If the bulls reclaim the $202 level with significant trading volume, the path to $220 becomes highly likely. However, failure to break above $202 may keep price action within a tight range in the short term. USDC
The upcoming sessions could determine whether Solana will be the next leading altcoin - or remain stuck in a consolidation phase before another major move. $ETH #SOL
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