(MENAFN- crypto Breaking)
Solana initiates a new downward trend falling below the $250 support level. SOL 's price is currently consolidating and could encounter resistance around the $235 and $242 marks.
The SOL price has commenced a fresh decline below both the $250 and $240 levels against the US Dollar.
Currently, the price is trading under $240 and under the 100-hourly simple moving average.
An important bearish trend line is emerging with resistance at $235 on the hourly chart of the SOL /USD pair (data provided by Kraken ).
If bulls manage to surpass the $242 zone, the pair may see a new uptrend.
Solana's Price Dips Below the $250 Mark
Solana 's price struggled to surpass the $260 resistance level and instead began a new decline, similar to Bitcoin and Ethereum . SOL 's value dropped below the $250 and $242 support thresholds.
The price even fell below $230. A recent low was established at $225, and now the price is consolidating its losses. It showed some upward movement past the $230 mark, surpassing the 23.6% Fib retracement level from the drop between the $244 high and $225 low.
At present, Solana is trading below $240 and the 100-hourly simple moving average. On the upside, resistance is being encountered near the $235 level or the 50% Fib retracement level from the downswing between the $244 high and $225 low.
Additionally, there is a significant bearish trend line with resistance at $235 on the hourly SOL /USD chart. The next major resistance is likely around the $242 level, with $250 being the main resistance level. A successful breach of the $250 resistance zone could pave the way for further gains, with the next key resistance sitting at $260. Continued upward momentum could push the price towards the $275 level.
Potential for Another Decline in SOL?
If SOL is unable to break through the $235 resistance, it may start another downtrend. Initial support on the downside can be found near the $225 mark, followed by a major support level near $222.
A drop beneath the $222 level might drive the price towards the $212 area. A close below the $212 support could lead to a decline towards the $200 support in the short term.
Technical Indicators
Hourly MACD – The MACD for SOL /USD is indicating a slowdown in the bullish trend.
Hourly RSI (Relative Strength Index) – The RSI for SOL /USD is currently below the 50 level.
Key Support Levels – $225 and $222.
Key Resistance Levels – $235 and $242.
Crypto Investing Risk Warning
Crypto assets are highly volatile. Your capital is at risk.
Don't invest unless you're prepared to lose all the money you invest.
This is a high-risk investment, and you should not expect to be protected if something goes wrong.
MENAFN29012025008006017065ID1109143805
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.