Based

Cardano

bullish

Solana

Resistance

<ul class="wp-block-list">
 <li>Solana faces resistance at $246 and support at $231.</li>
 <li>Potential bearish crossover between 50-day and 200-day MAs.</li>
</ul>
Solana (SOL) is trading at $235.69, marking a 3.11% decline in the past 24 hours. The cryptocurrency has a <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener noreferrer nofollow">market</a> capitalization of $111.87 billion, with a market cap ratio of 6.20%. Over the last day, trading volume has dropped 11.03% to $6.88 billion. Despite this dip, Solana remains the fourth-largest cryptocurrency by market cap, solidifying its role as a key player in the crypto ecosystem.
A recent surge in speculative activity caught the community’s attention. One<a href="https://x.com/lookonchain/status/1859132037736919477" target="_blank" rel="noopener noreferrer nofollow"> trader</a> turned 2 SOL ($462) into $988,000 within three hours through $QUANT, a live-streamed pump-and-dump token. This highlights the speculative frenzy in altcoins.&nbsp;
A young creator <a href="https://x.com/lookonchain/status/1859144909841985912" target="_blank" rel="noopener noreferrer nofollow">launched</a> the $Quant coin during a live stream and sold it for 128 $SOL ($30K), earning a profit of $29.6K. The 51 million $Quant he sold is now valued at $4 million. He later created $lucy and $sorry coins, selling them for an additional profit of 103 $SOL ($24K).
<h3 class="wp-block-heading" id="h-solana-in-the-current-market">Solana in the Current Market</h3>
Based on current price action, Solana’s immediate resistance lies at $246. If the price breaks above this level, the next potential target is $260, a level that aligns with historical price action and Fibonacci retracements. However, failure to surpass $246 could keep the price consolidated in a narrow range.
On the downside, <a href="https://thenewscrypto.com/is-bitcoin-ready-to-hit-100k-with-the-us-support/" target="_blank" rel="noopener noreferrer nofollow">support</a> is firmly established at $231. If SOL breaches this critical level, the price could decline further, with the next significant support zone around $220. Such a drop might test traders’ confidence in maintaining bullish positions.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="472" src="https://thenewscrypto.com/wp-content/uploads/2024/11/SOLUSDT_2024-11-20_13-04-34-1024x472.png" alt="" class="wp-image-115034" srcset="https://thenewscrypto.com/wp-content/uploads/2024/11/SOLUSDT_2024-11-20_13-04-34-1024x472.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/11/SOLUSDT_2024-11-20_13-04-34-300x138.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/11/SOLUSDT_2024-11-20_13-04-34-768x354.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/11/SOLUSDT_2024-11-20_13-04-34-1536x708.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/11/SOLUSDT_2024-11-20_13-04-34.png 1814w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
</figure>
The RSI currently stands at 50.80, slightly below its average of 64.14. This reflects a weakening of bullish momentum, as the RSI moving toward the neutral zone suggests a balance between buying and selling pressure. A sustained RSI below 50 would indicate a shift in market sentiment toward bearishness, potentially signalling further downside movement. Solana’s 50-day moving average (MA) is at $241, while its 200-day MA is at $225. The narrowing gap between these two levels signals a potential bearish crossover. If the 50-day MA crosses below the 200-day MA, this would confirm a “death cross,” a historically bearish signal that often precedes extended downtrends. However, the price remains above the 200-day MA, indicating that the long-term trend is still positive. Traders should closely watch for this crossover, as it could significantly influence Solana’s near-term trajectory. If Solana manages to break above $246 and hold that level, the price could aim for $260, with a potential extension toward $275 if bullish momentum accelerates.
Highlighted Crypto News Today <a href="https://thenewscrypto.com/will-cardano-ada-reclaim-1-as-whale-interest-grows/" target="_blank" rel="noopener noreferrer nofollow">Will Cardano (ADA) Reclaim $1 as Whale Interest Grows?</a>

Will Solana Break Key Resistance or Fall to Support Levels?

Table of Contents

TheNewsCrypto

Other articles published on Nov 20, 2024

BlackRock’s Tokenized Fund BUIDL Now Available on Aptos, Arbitrum, and More Blockchains

Watch $1.10 and $1.20 Levels for Upcoming Volatility, Is XRP Ready to Break Out?

Litecoin Embraces Memecoin Culture, Announces Lester Mascot

Elden Ring company still thinking about Sony’s buyout offer

Dogecoin Price Chart Shows Same Pattern That Led to Previous Bull Runs: Is $20 DOGE Realistic?

Litecoin (LTC) Nears All-Time Highs, But Not in Price

Join our free newsletter for daily crypto updates!