$SOL is currently consolidating near its moving averages, with mild bullish momentum following the recent recovery from $229.60. The convergence of MAs and current price action indicate a possible breakout. Monitoring key levels around $238.70 and $242.54 (resistance) and $229.60 (support) will help confirm the next directional move.
Support and Resistance Levels
Immediate Support: Around $229.60, which is the recent low and has served as a strong support level.
Immediate Resistance: Around $238.70, which represents a recent local high and could act as a minor resistance if the price attempts to move upward.
Major Resistance: The 24-hour high of $242.54 is a key resistance level. A breakout above this could signal further bullish momentum.
Potential Scenarios
Bullish Scenario: A breakout above the resistance at $238.70 could allow SOL to test the major resistance at $242.54. Sustained volume and bullish momentum could push the price higher if it clears this level.
Bearish Scenario: A failure to hold above the MA convergence level around $235 could lead to a retracement towards the support at $229.60. Breaking this level may signal further downside.
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