The SOL/USD pair continues to move within a long-term uptrend, forming a corresponding ascending channel. Last week, the price corrected to five-week lows around 190.95, after which it resumed growth and is currently testing the middle Bollinger Band line at 224.70. A breakout above this level could pave the way toward 250.00 (Murray level [8/8]) and 265.62 (Murray level [+1/8], the upper boundary of the ascending channel). However, consolidation below 203.12 (Murray level [5/8], 61.8% Fibonacci retracement) may lead to a decline toward 183.80 (50.0% Fibonacci retracement) and 171.88 (Murray level [3/8]), potentially signaling an exit from the channel.
Technical indicators provide mixed signals: Bollinger Bands are turning downward, MACD histogram could move back into the positive zone, while Stochastic may reverse lower from the overbought area.
It is worth noting that on the weekly chart, the price is still forming an upward trend, which keeps the bullish scenario more relevant.
Support and Resistance Levels
Resistance levels: 224.70, 250.00, 265.62.
Support levels: 203.12, 183.80, 171.88.
Trading Scenarios and Solana Price Forecast
Long positions may be opened above 224.70 or on a price reversal around 203.12, with targets at 250.00 and 265.62, and stop-losses at 209.30 and 190.00, respectively. Implementation horizon: 5–7 days.
Main Scenario
| Timeframe |
Weekly |
| Recommendation |
BUY STOP |
| Entry Point |
226.00 |
| Take Profit |
250.00, 265.62 |
| Stop Loss |
209.30 |
| Key Levels |
171.88, 183.80, 203.12, 224.70, 250.00, 265.62 |
Alternative Scenario
| Recommendation |
BUY LIMIT |
| Entry Point |
203.12 |
| Take Profit |
250.00, 265.62 |
| Stop Loss |
190.00 |
| Key Levels |
171.88, 183.80, 203.12, 224.70, 250.00, 265.62 |
cryptocurrency journalist and market analyst who has accumulated great experience. He shares practicable insight with traders, investors, and enthusiasts of the crypto world. John loves to explore the dynamic Web3 space, which involves blockchain technology or different coins besides decentralized applications (dApps) leading decentralized finance (DeFi), smart contracts or interoperability among blockchains, non-fungible tokens (NFTs), real-world assets (RWAs), and artificial intelligence combining blockchain. John has worked for leading cryptocurrency resources, among them FORECK.INFO, CoinGape, CryptoNews, and Business2Community
