Solana continues to catch traders' attention as it tests crucial support levels. Holding above these levels may indicate the continuation of its uptrend, while a break could lead to a decline.
Support and Resistance
Recent analysis shows Solana is testing the lower boundary of its ascending channel. The nearest support area at $179-$180 aligns with the 0.5 Fibonacci retracement level. Holding this area could lead to a bounce back towards $210-$230. On the resistance side, barriers are placed at $202-$210, in line with the 0.618 Fibonacci level. A breakout at this level sets targets at $250 and $295.
Technical Indicators and Market Trends
Solana has been trending in an upward channel since October, supporting buyers in the $180-$190 range. Bollinger Bands show the price trading near the middle band at $224.40, with upper and lower bands at $269.71 and $179.10, respectively. Stochastic RSI indicates the oversold region, suggesting a potential short-term price bounce.
Future Outlook and Price Movement
If Solana maintains levels above $180-$190, the price could rise to $210-$230. Further, exceeding $270 will confirm bullish strength, with a potential move to $300. Losing support could push the price down to $157-$160. At the time of writing, Solana traded at $200.67, showing a 2.33% increase.
Solana remains in traders' focus as its next price movement depends on holding critical levels. Its current market position may suggest the trend's possible direction.
