Key Takeaways
- SOL has dropped below $210 after starting the week on a positive note.
- The coin could fall below $200 if the bullish trend fails to materialize.
SOL Struggles to Break Resistance at $220
SOL, the native cryptocurrency of the Solana blockchain, has experienced a decline of less than 1% in the last 24 hours, trading at $208 at press time. This negative performance follows a generally favorable start to the week for SOL and the broader cryptocurrency market, where it had reached $215 on Monday, rebounding from a support level of $190 touched last Friday.
However, SOL has failed to maintain this upward momentum, encountering resistance at the $220 level, causing its price to drop below $210. This trend aligns with movements in Bitcoin and Ethereum, with Bitcoin facing crucial resistance above $114,000 and Ethereum struggling to break the $4,232 resistance after surpassing $4,100 on Monday.
Potential for SOL to Fall Below $200
The 4-hour SOL/USD chart remains bearish, with SOL unable to reach the $220 mark. Technical indicators on the 4-hour timeframe are still bullish despite strong resistance, with the RSI at 52 indicating a continued bullish momentum.
The MACD lines are also above the neutral zone, suggesting a bullish bias. If the market recovery continues, SOL may attempt to break through the $220 resistance again. A successful breach of this critical level could push SOL towards the $240 area in the short term.
Conversely, should the $220 resistance remain steadfast, SOL risks dropping below the $200 mark for the first time since Sunday. The $190 support level could provide a bounce for SOL; however, failure to maintain this support might see it tumble towards the $175 support region.
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