Key support zones strengthen as Solana’s uptrend pauses near $240 resistance
Solana (SOL) is consolidating just below the $230 level after a period of strong upward momentum that pushed prices from $150 to over $240 in recent weeks. Despite minor retracements, the network’s native token remains within a solid bullish structure, supported by strong fundamentals and steady trading volumes.
The daily chart reveals that Solana has reclaimed its key demand zone near $200–$210, which has acted as a major springboard since mid-August. The token is now testing the supply zone between $235 and $250, an area that previously capped its rally in late September. A sustained breakout above this range could open the door for a move toward the $275–$290 resistance region, marking its highest level since early 2022.
“SOL continues to show one of the most technically healthy structures among major altcoins. As long as it holds above $210, the trend remains intact,” said BITX crypto market strategist. “A weekly close above $240 could confirm bullish continuation and attract renewed institutional inflows.”
From a technical standpoint, Solana’s June-to-July downtrend was defined by a descending channel breakout, which led to the current uptrend. The chart also shows rising volume levels, suggesting that traders are positioning for a potential breakout rather than a full correction.
However, some analysts caution that overextension near resistance could trigger short-term profit-taking.
“The market is in a healthy consolidation phase,”One of senior BITX analyst noted. “If Bitcoin remains stable above $120,000, SOL could outperform in Q4, but rejection from $250 may lead to a retest of the $200 support zone.”
In summary, Solana’s structure remains constructive, with $200–$210 acting as critical support and $250 as the key resistance. The broader market sentiment continues to favor altcoin strength, and a decisive breakout above $250 could signal the start of Solana’s next major leg higher in its ongoing recovery trend.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.