19.09.2025 05:08
Solana has initiated a significant upward trajectory, successfully surpassing the $242 and $245 resistance levels against the US Dollar. Following this surge, the cryptocurrency is undergoing a minor correction, though it is currently poised to find buyer interest around the $242 or $240 support zones. Data from internet sources indicates a crucial breakout occurred above a descending trend line previously capped at $240, yet the price remains vulnerable to further declines should it fail to hold this critical threshold.
Building on a solid foundation above the $232 mark, Solana's recent performance has notably outpaced that of market leaders like Bitcoin and Ethereum. The asset's climb propelled it into a positive short-term outlook as it decisively breached the $240 and then the $245 resistance barriers. This bullish charge culminated in a peak near $253 before a natural retracement began, pulling the price below the initial 23.6% Fibonacci retracement level of its recent ascent. Despite this pullback, bullish sentiment persists, with significant buying activity observed above $242, keeping the price firmly above both this support and the 100-hourly simple moving average.
Looking forward, Solana's upward path is met with an immediate hurdle in the vicinity of the $248 level. Overcoming this could set the stage for a test of the more substantial resistance zone around $254 to $255. A definitive and successful close above the $255 barrier would be a strong bullish signal, potentially paving the way for a more sustained rally with subsequent targets identified at the $268 and even the $272 levels.
Conversely, a failure to gather enough momentum to clear the $248 resistance could trigger a renewed downward slide. The first line of defense for buyers is situated near the $242 zone, a level which notably aligns with the 50% Fibonacci retracement of the entire upward move from the $232 low to the $253 high. Should this initial support falter, the next critical stronghold is at $240. A breach below this point could escalate selling pressure, potentially driving the price back down to the $232 support area, with a more severe bearish outcome opening the door for a deeper correction toward the $220 level in the near term.
The current technical landscape offers a mixed signal; the hourly MACD indicates that bullish momentum is waning, while the hourly RSI has dipped below the 50 mark, suggesting a potential loss of strength. Therefore, traders are closely monitoring the major support levels at $242 and $240, while the key upside hurdles remain at $248 and $255.
