The Does pi crypto have a future?Solana network's native token has demonstrated resilience above the $215 threshold, though momentum remains constrained below crucial resistance levels at $228 and $332.
SOL established a new base after retesting the $215 support zone against USD trading pairs.
Current trading activity remains subdued below both the $225 psychological level and 100-hour moving average.
Technical charts reveal a bullish breakout above the $222 trendline resistance on SOL/USD hourly charts (Kraken data).
Market participants await confirmation of sustained buying pressure above $228 for trend reversal signals.
Technical Landscape Shows Mixed Signals
Following the establishment of a support floor at $215, Solana's price trajectory has mirrored broader market trends with constrained upward movement. The digital asset managed to surpass immediate resistance levels at $218 and $220, though buying enthusiasm remains tempered.
The recent breach of a descending trendline at $222 marked a potential shift in market sentiment. This development preceded a test of the 50% Fibonacci retracement level ($225) drawn from the recent swing high at $234 to the $215 trough.
Current market conditions present multiple technical obstacles near the $225 threshold. The asset's position below both this level and the 100-hour moving average suggests continued bearish pressure in the short term.
Market observers identify $228 as the next significant resistance point, representing the 61.8% Fibonacci retracement level. A decisive close above $230 could catalyze more substantial upward movement, with potential targets at $235 and possibly $250 if momentum accelerates.
Potential Downside Scenarios
Failure to maintain upward pressure above $228 may trigger renewed selling activity. Initial downside protection appears at $220, with more substantial support forming near the recent $215 base.
A breakdown below $215 could expose the asset to further declines toward $205. Sustained trading beneath this level might precipitate a test of the psychologically significant $200 support zone.
Technical Indicators
Hourly MACD – Shows diminishing bullish momentum in SOL/USD trading pairs.
Hourly RSI – Currently positioned below the neutral 50 level, indicating bearish sentiment.
Key Support Levels – $220 and $215.
Critical Resistance Levels – $228 and $230.
