Key takeaways
- SOL has fallen about 1% over the past 24 hours and is trading below $220.
- The coin could reclaim the psychological $250 level soon if the market recovery continues.
SOL dips below $220
As seen over recent weeks, the cryptocurrency market opened the new week in a downtrend. Bitcoin slipped below $112,000 while Ether briefly tested support around $4,000.
SOL, the native token of the Solana blockchain, also lost roughly 5% of its value on Monday, dropping to a support area near $212. It has since bounced modestly and is now trading around $219 per coin.
Positive momentum returned as the broader crypto market began to recover. Bitcoin reclaimed $113,000 earlier today, and Ether is approaching the $4,300 region.
SOL has recovered well alongside the market and could reclaim the psychological $250 mark in the near term if the recovery continues.
SOL could surge to $250
The 4-hour SOL/USD chart shows a bearish bias, with Solana down about 7% over the past seven days. Technical indicators are tilted negative, suggesting sellers have been in control.
However, downside momentum has eased after SOL found support around the $212 area. The RSI sits at 34, below the neutral 50 level, indicating a prevailing downtrend. The MACD line also dipped into bearish territory over the weekend.
If selling pressure resumes, SOL could retest Monday’s low of $212 in the coming hours. A prolonged decline might push the token below $200 for the first time since September 1.
Conversely, the broader market appears to be in a corrective phase. If that correction continues, SOL could reclaim nearby resistance and target the $250 level within the near term. Achieving $260 would likely require stronger support from the overall crypto market and sustained buying momentum, a level not seen since January.