Solana (SOL) has dropped below the $250 support level, signaling potential further losses. The price is consolidating, encountering resistance near $235 and $242.
Key Points:
SOL price declined below $250 and $240 against the U.S. Dollar.
It is trading under $240 and the 100-hourly simple moving average.
A bearish trend line is forming near $235 on the hourly SOL/USD chart (data source: Kraken).
A breakout above $242 could trigger a fresh rally.
Solana Drops Below $250
SOL struggled to sustain gains above $260 and turned lower, mirroring Bitcoin and Ethereum. The price fell below $250 and $242, dipping as low as $225 before stabilizing.
It recently climbed past $230 and surpassed the 23.6% Fibonacci retracement level of the drop from $244 to $225. However, SOL remains below $240 and the 100-hourly SMA.
On the upside, immediate resistance stands at $235, aligning with the 50% Fibonacci retracement level. Additionally, a key bearish trend line at $235 presents further resistance.
A decisive break above $242 could open the door for a push toward $250. If SOL clears $250, the next
Disclaimer:
The information provided in this article is for informational and educational purposes only and should not be considered financial or investment advice. Cryptocurrency markets are highly volatile, and prices can fluctuate significantly. Always conduct your own research and consult with a qualified financial professional before making any investment decisions. The author and publisher are not responsible for any financial losses incurred based on the information provided.
