Solana initiated a fresh rally above $240, and the price is consolidating gains with potential to break the $255 resistance. After settling above $220 against the US Dollar, SOL formed an upward trend, outperforming Bitcoin and Ethereum. However, short-term bearish pressures persist, as evidenced by a trend line resistance at $252.
The price surpassed the $245 and $250 levels, reaching a high of $2648 before consolidating. Despite dipping below $260 and $255, bullish activity is noted near the $242 support, aligning with the 61.8% Fib retracement level of the upward trajectory from $230 to $264.
Key resistances are pegged at $252, $255, and potentially $265, where succeeding could trigger a steady, continued upward movement with targets of $275 and $282 marked. Conversely, if SOL falters at the $255 threshold, it risks a pullback with initial support near $246 and major support at $242.
Breaching below $242 could propel the price towards $238 or decline further towards $230. Technical indicators such as the MACD and the RSI suggest bullish momentum persists, with the RSI above 50.
