Solana Experiences Price Correction After Recent Gains
- Solana’s price increased above the $232 and $240 levels against the US Dollar.
- The price is currently trading below $240 and the 100-hourly simple moving average.
- A break occurred below a bullish trend line with support at $242 on the hourly chart of the SOL/USD pair.
- The main resistance levels are identified at $240 and $245, with potential gains towards $255 if surpassed.
- Initial support is near the $232 zone, with major support at $230 and further down at $224.
Solana’s price showed a strong upward movement after finding support near the $212 mark, outperforming both Bitcoin and Ethereum. However, it has since corrected some gains, trading below key resistance levels. If Solana fails to rise above these resistances, it could face further declines towards lower support zones.
Despite recent corrections, Solana remains in a short-term positive zone if it maintains its position above critical support levels like $230 and avoids further dips below these points. (Source)
