Key takeaways
- SOL fell about 1% over the past 24 hours and is now trading below $220.
- The token could retest the psychological $250 level soon if the market rebound continues.
SOL dips below $220
As observed in recent weeks, the cryptocurrency market began the new week in a bearish mood. Bitcoin slipped below $112,000 while Ether briefly tested the $4,000 support level.
SOL, the native coin of the Solana blockchain, also lost roughly 5% of its value on Monday, dropping to a support area around $212. It has since recovered slightly and is trading near $219 per token.
This modest recovery comes as the broader crypto market shows signs of regaining strength. Bitcoin recovered above $113,000 earlier in the day, and Ether is now targeting the $4,300 area.
SOL is likewise stabilizing and could reclaim the important psychological $250 level in the short term if buying pressure persists.
SOL could climb to $250
The SOL/USD four-hour chart remains bearish and active: Solana has lost about 7% over the past seven days. Technical indicators are tilted negative, indicating sellers currently hold the advantage.
However, selling pressure appears to be easing after SOL found support around the $212 region. The RSI at 34 sits below the neutral 50 mark, signaling a bearish bias. MACD lines also slipped into negative territory over the weekend.
If selling resumes, SOL could retest Monday’s low near $212 in the coming hours. A prolonged bearish run could push the cryptocurrency below $200, a level not seen since September 1.
On the other hand, the broader crypto market is attempting a correction. If that recovery continues, SOL could reclaim the nearest resistance and the TLQ level around $250 within the next sessions. It will need sustained support from the wider market to target $260, a price not reached since January.