Solana (SOL) Price Analysis
Solana (SOL) broke above $250 on Thursday after posting a significant increase. SOL had struggled to push above this level during previous sessions thanks to considerable selling pressure. SOL ended the previous week on a very bullish note, surging over 10% and settling at $237. The price reached an intraday high of $248 on Monday as it attempted to cross $250. However, buyers lost momentum after reaching this level, and SOL dropped to settle at $239, an increase of 1.04%. Buyers attempted to breach $250 on Tuesday but lost momentum, allowing sellers to take over. As a result, SOL fell 0.89% and settled at $237.
Source: TradingView
Bearish sentiment persisted on Wednesday as SOL fell to an intraday low of $230 before recovering and settling at $235, a decline of 0.97%. Bullish sentiment returned on Thursday as SOL surged by 8.98% to go above the $225 resistance level and settle at $256. The current session sees SOL up by 1.14% and trading at $259 as buyers look to drive the price higher. If buyers retain momentum, we could see SOL surge to $270-$280. A break above these levels could see the price surge to $300. On the other hand, if sellers retake control, SOL could drop below $225 and go as low as $200.