Solana price analysis.

#sol is facing resistance at the 50-day SMA ($219), but a positive sign is that the bulls have not ceded much ground to the bears.

The 20-day EMA ($204) has started to turn up, and the RSI is in the positive zone, indicating that buyers have the upper hand. If the price turns up from the current level or rebounds off the 20-day EMA, the bulls will again try to propel the SOL/USDT pair above the 50-day SMA. If they can pull it off, the pair may rise to $234 and subsequently to $247.

This optimistic view will be negated if the price turns down and breaks below the 20-day EMA. That could pull the price down to the uptrend line, indicating that bears are active at higher levels.

The pair formed an ascending triangle pattern on the 4-hour chart, indicating that the correction may be over. If the price slips below the 20-EMA, a retest of the $202 level is possible. Sellers will have to pull the price below $202 to seize control.

Alternatively, a strong bounce off the 20-EMA or the $202 support will improve the prospects of a break above $220. If that happens, the pair is likely to resume the uptrend toward the pattern target of $229.