Solana Eyes Breakout Above $250 as Bulls Take Charge
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A key move was the break above a bearish trend line with resistance at $232 on the SOL/USD hourly chart, as per Kraken data. This breakout marks a shift in sentiment, positioning the price for a possible run toward new highs.
Key Resistance Levels to Watch
Currently, SOL faces resistance near the $240 level, corresponding to the 76.4% Fibonacci retracement of the recent drop from $246 to $215. A successful push above $240 could pave the way for a test of $246, with $250 being a major psychological and technical barrier.
If bulls manage a close above $250, SOL could rally toward $265, with the next significant resistance at $280. These levels represent key milestones for further upward movement.
Risks of a Pullback
On the downside, initial support lies near $230, followed by $220. Failure to maintain momentum above these levels could result in a retracement toward $215, the recent swing low.
Outlook
With bullish indicators aligning, Solana appears poised for a breakout. However, traders should monitor resistance levels and broader market conditions closely to gauge the sustainability of this rally.
