Key points:
Solana (SOL) is holding gains above the $220 support level. The bulls are likely to regain control if the $250 resistance is breached.
Solana Price Signals Uptrend Will Continue
After breaking the $200 resistance, the price of Solana rose above the $215 and $220 resistance levels. The bulls succeeded in pushing the price above the $240 level and the 50-day simple moving average (blue line). Finally, SOL tested the $265 area.
After the price reached a high of $263.98, there was a correction like Dogecoin and Ripple. The price declined below the $250 and $240 levels. There was a down move to the 23.6% Fibonacci retracement level of the upward move from the $120 low to $264 high.


Solana tested the $220 support area and traded well above the 50-day simple moving average (blue line). It recovered some losses and traded above $240. SOL broke above the resistance of a short-term bullish flag pattern on the daily chart, which is priced at $235.
The current price action is positive and points to a fresh increase. An immediate resistance is near the $250 level. The first major resistance is near the $265 level. If the $265 resistance can be cleared, SOL could head towards the next key resistance at $272.
A successful daily close above the $272 resistance could lead to a further test of the $300 barrier. A clear break above the $300 resistance could see the price rise towards the $310 level in the coming days.
Recently, Solana shared details of its Onchain Festival Store, where exclusive merchandise from ecosystem members including Bonk, Wif, Ponke, Wen, Send, Claynosaurz, SMBs, and Backpack can be purchased.

Is it possible that SOL will pull back again?
Conversely, SOL may struggle to break through the $250 resistance and start another correction. The immediate support is near $232. The first major support is near $220, below which the price could test the 50-day simple moving average (blue line) support at $210.
If there is a daily close below the 50-day simple moving average (blue line), the price could decline. In such a case, Solana could drop to the $175 support area. Further losses could drop SOL to the recent $155 support area.
Overall, Solana price is signaling an up move above $240. However, SOL must stabilize at the $250 and $265 levels to challenge the $300 barrier.