Solana's price has been relatively stable, staying above $215. It is facing resistance levels at around $228 and $230. Traders are cautiously optimistic as Solana tries to recover in a market that has seen mixed performance from Bitcoin and Ethereum.
The recent price movements indicate that Solana has formed a support base after testing the $215 zone. It broke through key resistance levels at $218 and $220, including a bearish trend line at $222. However, it is still below the $225 threshold and the 100-hourly simple moving average. The $225 level is a critical resistance, followed by $228. If Solana manages to close above $230, it could lead to steady increases and potentially reach $250. On the other hand, if it fails to overcome the $228 resistance, there is a risk of a downward correction.
Initial support is at $220, with major support at $215. A break below $215 could send the price towards $205.
Technical indicators show a cautious stance, with the MACD losing momentum and the RSI below 50. Solana's performance will be closely watched by investors and analysts, as the interplay between resistance and support levels will determine its next steps.