SOL rallies into supply zone near $240 while traders assess risk of pullback
Solana (SOL) has extended its rally to around $235.91, posting a gain of more than 5% in recent sessions. The move pushes the altcoin toward a critical resistance band between $235 and $245, a level that has historically acted as a ceiling for further upside.
The daily chart shows a strong recovery from mid-August, where Solana bounced from the $160–$170 support zone. Since then, momentum has accelerated, with price breaking through successive resistance levels near $185 and $200. Trading volume has remained steady, indicating sustained interest from both retail and institutional participants.
“Solana has shown impressive strength this quarter, but the $240 zone remains a key test,” said BITX technical strategist. “A clean breakout above this area could open the door toward $280, but failure here may invite profit-taking.”
The next upside target sits in the $280–$300 range, marked by a significant supply zone from earlier this year. However, analysts warn that rejection at current levels could trigger a pullback, with immediate support at $210–$215 and stronger demand near $180.
Chart patterns also reveal a series of descending channels that Solana successfully broke in both April and July, reinforcing the broader bullish structure. Still, the current test of overhead resistance highlights the importance of consolidation before any sustained breakout.
“As long as Solana holds above $200, the broader uptrend remains intact,” BITX analyst explained. “But traders should be cautious around $240, as this is where sellers have historically stepped in.”
In the short term, market participants are closely watching whether Solana can maintain momentum above $235. A decisive move through resistance would signal renewed bullish dominance, while rejection could keep SOL locked in a range through the end of September.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.