CandleFocus Solana (SOL) Encounters Barriers: Is a Fresh Surge Still Possible?
2024-12-11
Author: Content Editor
Solana (SOL) has experienced a downside correction, dropping below the $230 zone. However, it is now recovering and facing obstacles around the $220 level. The cryptocurrency recently formed a support base and initiated a fresh increase from the $204 level, similar to Bitcoin and Ethereum. SOL is currently trading above $218 and the 100-hourly simple moving average. It is encountering resistance at $220, with a key bearish trend line forming at that level. The next significant resistance levels are $224, $228, and $235. If SOL fails to surpass the $220 resistance, it could start another decline, with initial support at $212 and major support at $205.
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