NewsBTC

20 January 2025

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Solana Bulls Maintain Price Above $240 Amid Bearish Pressure

Solana is currently facing critical price action as it attempts to maintain support above $240, a key technical and psychological level for buyers. The ability to hold this support could lead to increased market confidence and potential upward momentum.

Main points:

• Bulls are defending the $240 support level against bearish pressure.
• Successful defense may boost market sentiment and target higher levels.
• Current attempts are focused on reaching $260.
• Technical indicators show bullish trends, with the 4-hour SMA indicating upward momentum.
• The Relative Strength Index (RSI) has risen to 60%, suggesting increased buying interest.

If Solana maintains strength above $240, the next resistance to watch is at $260. A breakout above this level could signal continued gains and further bullish movement.