On January 29, 2025, Solana (SOL) experienced a decline, dropping below the critical support level of $250. The price has since consolidated, currently trading around $230 after reaching a recent low of $225.
Resistance levels are identified at $235 and $242, with a significant barrier at $250. A successful close above $250 could lead to further gains, potentially pushing SOL towards $275. Conversely, if SOL fails to surpass the $235 resistance, it may see further declines, with initial support near $225 and major support at $222. A breakdown below $212 could lead to a drop towards the $200 mark.
Technical indicators show the MACD for SOL/USD is losing momentum in the bullish zone, while the RSI remains below 50, indicating bearish sentiment.