Solana Holds Gains, Eyes Key Resistance Levels for Potential Surge

Solana (SOL) is experiencing an upward trend after surpassing the $240 mark, with current price consolidations below this level.

SOL initiated a rise above $240 and $242 against the US Dollar.
The price is currently below $240 and the 100-hour simple moving average.
A bearish trend line with resistance at $238 is forming on the hourly SOL/USD chart.
A decline may occur if the price falls below the $230 area.

Price Movement

SOL gained momentum after crossing the $220 threshold, outperforming Bitcoin and Ethereum. It reached a high of $250 but faced a correction thereafter.

Solana Price

The price is now encountering resistance at $238, with significant resistance levels at $242 and $250. A close above $250 could lead to further increases, potentially reaching $262 or $280.

Potential Decline

If SOL does not break past $238, it may decline again, with initial support at $232 and major support at $229. A drop below $229 could bring the price down to $220 or even $212.

Technical Indicators:

Hourly MACD: Slowing in the bullish zone for SOL/USD.
Hourly RSI: Below 50, indicating potential bearish momentum.
Major Support Levels: $229, $220.
Major Resistance Levels: $238, $250.