Key takeaways
- SOL fell 1% in the last 24 hours and is now trading below $220.
- The coin could reclaim the psychological $250 level soon if the market recovery continues.
SOL drops below $220
The cryptocurrency market entered the new week in bearish mode, as seen over the past few weeks. Bitcoin slipped below $112,000, while Ether briefly tested the $4,000 support level.
SOL, the native token of the Solana blockchain, also lost roughly 5% of its value on Monday, sliding to a support area around $212. It has since recovered somewhat and is trading near $219 per coin.
Performance improved as the broader crypto market began to rebound. Bitcoin reclaimed the $113,000 mark today, and Ether is targeting the $4,300 area.
SOL has shown a solid recovery and could retake the psychological $250 level in the near term if momentum holds.
SOL could surge to $250
On the 4-hour SOL/USD chart the trend appears bearish and efficient, with Solana down about 7% over the last seven days. Technical indicators remain negative, suggesting sellers are still in control.
However, selling pressure has eased as SOL found support near the $212 zone. The RSI sits at 34, below the neutral 50 level, signalling a bearish trend. The MACD line also moved below neutral during the weekend.
If selling resumes, SOL could retest Monday’s low around $212 in the coming hours. A prolonged bearish run might push the token below $200 for the first time since September 1.
Conversely, the broader crypto market is showing signs of correction. If that recovery continues, SOL could reclaim nearby resistance and the trendline quantitative (TLQ) around $250 within hours. Reaching $260 for the first time since January would require stronger support from the wider market.