19.09.2025 12:11
Solana has initiated a significant upward trajectory, successfully breaking through the $245 resistance level and showing strong bullish momentum. While the cryptocurrency is currently undergoing a minor correction after its recent surge, market sentiment suggests that strong support may be found around the $242 or $240 price points, potentially setting the stage for the next leg up.
Demonstrating a robust performance that has outpaced both Bitcoin and Ethereum, SOL's recent rally began after establishing a solid base above the $232 zone. According to hourly chart data from Kraken, this ascent was marked by a crucial breakout above a key bearish trend line at the $240 mark. The digital asset is presently maintaining its position above this critical level and the 100-hourly simple moving average, signaling a sustained positive short-term outlook.
The powerful buying pressure propelled the price beyond the $245 and even the $250 barriers, culminating in a new high near $253. Following this peak, a natural price correction occurred, briefly pushing SOL below the 23.6% Fibonacci retracement level of the entire upward wave from the $232 low. However, buyers promptly re-emerged, with support proving resilient above the $242 level, thus preventing a deeper decline.
Looking ahead, Solana's immediate challenge is to overcome the resistance situated near the $248 level. A decisive move past this point would bring the next major resistance at $254 into focus, with the most significant hurdle looming at the $255 mark. A successful and sustained close above this $255 resistance zone could act as a catalyst, likely paving the way for another substantial rally with subsequent targets identified at $268 and possibly even the $272 level.
Conversely, should Solana fail to gather enough momentum to breach the $248 resistance, it risks initiating a fresh downturn. In such a scenario, the price could retest lower support levels. A slide below the crucial $240 zone would be a particularly bearish signal, potentially triggering an extended period of losses as selling pressure intensifies.
