banner

Solana Surges 4.95% as Bulls Target $250 Resistance

After a three-day losing streak, Solana (SOL) surged 4.95%, reclaiming the $230 level. This rebound follows macroeconomic uncertainties that caused a 15% drop. The broader crypto market gained momentum after the Federal Reserve paused interest rate hikes, boosting investor confidence.

Solana’s Market Data Signals Bullish Momentum

According to TradingView, SOL opened at $227, peaked at $238, and stabilized around $232. This movement hints at a possible local bottom, setting the stage for an uptrend.

Data from Coinglass supports a bullish outlook, showing $212.88 million in long positions versus $106 million in short positions. This 66.7% long leverage dominance indicates growing trader confidence in further gains.

When long leverage rises after a decline, it often signals a potential market bottom. Market makers could take advantage by pushing prices higher, liquidating shorts, and adding to SOL’s upward momentum.

Key Resistance and Support Levels for Solana

Crypto analyst 52kskew highlighted that SOL is consolidating above a previous lower high (LH)—a critical level linked to its recent dip.

https://twitter.com/52kskew/status/1884957151480979491?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1884957151480979491%7Ctwgr%5E301b84805228de022629d0f1a72e4af36dc2e727%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.cryptonewsz.com%2Fsolana-sol-price-analysis-why-250-may-be-next%2F

Levels to Watch:

$240: Bulls must reclaim this level to target $250.
$270: Acts as major resistance based on volume profile data.
$222 – $230: Key support zone, strengthened by Fibonacci retracement.

A Fair Value Gap (FVG) above $230 suggests a liquidity pocket that could trigger a move toward $244. Breaking $244 could open the door to $250 or even $258.

Currently, sellers have slight control, according to the Balance of Power indicator. However, buyers could regain momentum if SOL holds above $230.

Solana Price Outlook: Breakout or Pullback?

For traders, $230 remains the key support, while $244 serves as a breakout point. A move above $244 would confirm bullish momentum, while losing $230 could lead to further downside risks.

With strong derivatives activity and growing confidence, Solana appears well-positioned for a potential rally.

banner

Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

Follow Us

Top Selling Multipurpose WP Theme

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

banner

Crypto feed news

Our team of crypto enthusiasts and market mavens is on a mission to deliver the latest, juiciest, and most insightful updates from the ever-evolving world of cryptocurrencies.

@CryptoFeedNews 2023 All Right Reserved. Designed and Developed by TheDevThingz

Social Media Auto Publish Powered By : XYZScripts.com
Skip to content