Solana (SOL) has been struggling to gain upward momentum as it faces resistance levels around $228 and $230. Despite a recent increase in price, SOL remains below the critical $225 threshold and the 100-hourly simple moving average.
The cryptocurrency broke through a bearish trend line at $222, indicating a potential shift in market sentiment. However, it is still facing multiple resistance levels, particularly at $225. Traders are closely monitoring these resistance levels, with $228 being a significant hurdle. If SOL can breach this level, further gains may be possible, with the next major resistance at $230. On the other hand, if SOL fails to overcome the $228 resistance, it may face selling pressure.
Initial support is at $220, with the first major support at $215. A decline below $215 could lead to a more significant downturn, with potential targets around $205.
Technical indicators for SOL present a mixed picture, with the hourly MACD losing pace and the RSI below 50, indicating a lack of strong buying pressure. Traders need to closely assess market conditions as SOL attempts to break through key resistance levels.