Solana Tests Key Level as Price Reaches $240 After 8% Surge
Solana (SOL) is currently experiencing high volatility as the market transitions from bearish to bullish. After a 25% drop from its all-time high, SOL tested a critical demand level and is attempting to recover.
- Investors are divided on whether SOL has reached a bottom or faces another decline.
- Analyst Jelle noted successful retests of the 25-day EMA and RSI midlevel, indicating potential support.
- SOL surged 8% following a positive market reaction to the Federal Reserve meeting.
- To confirm recovery, SOL must break through key resistance levels at $240 and $260.
- Failure to hold above $220 could lead to further downside.
In summary, Solana's ability to reclaim resistance levels in the coming days will be crucial for its potential upward trajectory. Investors should monitor these developments closely.
