- Solana Price challenges resistance at $220 a confirmed break higher could aim at $260 and $320 using Fib levels.
- Low-volume risks reversal of Solana which could start losing momentum unless buyers appear with purchasing interest around the $220 level.
- Should Solana price be unable to breach $220 resistance, the supports at $190, $176, and the $161 levels might force a corrective retracement.
The recent movement of Solana price has created a concern as to whether Solana price will overtake the key resistance of $220. Solana price is currently at a critical moment after a series of uptrends. Investors and traders are paying close attention to the price movement to determine whether a breakout above this level is imminent, which will trigger further strengthening.
Solana Price Technical Analysis and Key Resistance Levels
Solana price has just fallen short of a decisive resistance at the level of $220, where it has been held down before. The ascending triangle formation indicates bullish continuation and buyers control. Analyst Ucan_Coin indicates that Solana price has so far failed to break above this barrier, and a breakout above $220 may trigger an upward trend to the next resistance at $260, followed by $320 based on Fibonacci extension levels.
Source: Ucan_Coin/X
The break must be supported by significant volume to solidify the positive trend in Solana price. This would verify this movement and signal an upward movement in price. In the absence of the required volume, Solana price might re-enter the $220 range or even move down to the low support prices.
Solana price is nearing the significant resistance level of about $220 and the upwards break and increasing volume showing an overall bullish trend. The analyst Ali Charts predicts that the Solana price can lose some of its momentum as low volumes can hurt the market. In case Solana price fails to move above $220 level, the $190 support level will come into picture.
Source:Â Ali Charts/X
Further drops Solana price can be supported at $$176 and $$161, which also can be considered as possible buying points or a larger than expected correction. Solana price is at a crossroads, and $220, $190, $176, and $161 will shape the current trend.
Read Also:
