Key takeaways
- SOL has slipped below $210 after beginning the week with bullish momentum.
- The coin could drop under $200 if the upward trend fails to gain traction.
SOL fails to overcome $220 resistance
SOL, the native token of the Solana blockchain, has lost just under 1% of its value over the past 24 hours. At the time of writing, it is trading around $208 per coin.
This weak performance follows a positive start to the week for SOL and the broader crypto market. SOL climbed into the $215 area on Monday, recovering from the $190 support level it tested on Friday.
However, SOL could not sustain that momentum. The $220 resistance proved too strong and pushed the price back below $210. This performance mirrored moves in Bitcoin and Ether, with BTC encountering key resistance above $114k and Ether failing to reclaim the $4,232 ceiling after rising above $4,100 on Monday.
SOL may fall below $200
The SOL/USD 4-hour chart remains tilted toward the downside now that the token failed to clear $220. Nevertheless, short-term technicals show some bullish signals despite the stiff resistance.
The RSI sits at 52, above the neutral 50 level, suggesting SOL is still attempting to build upward momentum amid choppy market conditions. MACD lines are also in positive territory, indicating a mild upward bias.
If market sentiment improves and buyers reassert control, SOL could retest and potentially clear the $220 resistance. A decisive break above that level would open the way for a move toward the $240 zone in the short term.
Conversely, if $220 remains a strong ceiling, SOL may slip below the $200 mark for the first time since Sunday. The $190 level is the next key support and could provide a rebound platform. If $190 fails to hold, SOL could move lower toward the $175 support area.