The Xrp secSolana network's native token has demonstrated renewed strength following its recent consolidation phase. Market participants are closely watching whether this upward trajectory can sustain above critical technical levels.
SOL established a solid foundation above the $222 support zone against major trading pairs.
The digital asset currently trades comfortably above both the $230 psychological level and the 100-hour moving average.
A significant technical development occurred with the breach of a descending trendline at $232 on SOL/USD charts.
Market analysts suggest the next decisive move could materialize upon conquering the $240 resistance barrier.
Technical Landscape Shows Bullish Signals
The cryptocurrency market witnessed SOL mirroring broader sector trends, with its recovery from the $215 base demonstrating particular strength. The upward movement surpassed multiple resistance points at $225 and $230, showing improved market sentiment.
From a technical perspective, the price action surpassed the 50% Fibonacci retracement level drawn from the recent swing high at $246 to the $215 trough. This development, coupled with the trendline breakout, suggests potential for continued upward movement.
Current trading activity positions SOL above $235, with the 100-hour moving average providing dynamic support. The immediate challenge lies at the $240 zone, which coincides with the 76.4% Fibonacci retracement level of the aforementioned price range.
The $246 level emerges as the subsequent significant barrier, with the psychological $250 mark representing a crucial inflection point. Successful consolidation above this threshold could open the door for testing higher targets near $265 and potentially $280.
Potential Downside Scenarios
Should buying pressure falter near current levels, traders are monitoring several support zones. The initial defensive line sits at $230, aligned with the 100-hour moving average. A breach here could test the more substantial $220 support cluster.
Further weakness below $220 might trigger a retest of the recent swing low at $215. In such a scenario, the $200 psychological level could come into focus as the next major support area for the digital asset.
Technical Indicators
Hourly MACD - The momentum indicator shows strengthening bullish divergence on SOL/USD charts.
Hourly RSI (Relative Strength Index) - Currently positioned above the neutral 50 level, indicating favorable momentum.
Key Support Zones - $230 and $220.
Critical Resistance Levels - $240 and $250.