Usman Salis
Solana just delivered exactly what bulls were hoping for. After touching $201 earlier, SOL has surged back above $215 and is now knocking on the door of its biggest obstacle - the $218 resistance level. Trading at $215.43 with a daily high of $216.96, this 6.7% rally has traders watching closely. As noted by Degen Sing, this isn't just any resistance test. What happens at $218 will likely dictate SOL's path for the next several weeks.
Technical Setup: Make or Break Territory
As noted by Degen Sing, this isn't just any resistance test. What happens at $218 will likely dictate SOL's path for the next several weeks. SOL's recent bounce from the $201 area lined up perfectly with its 20-day EMA, showing buyers are still active on dips. The real story is what happens next. Breaking above $218 would complete an ascending triangle pattern that's been building for weeks, potentially opening the door to $240-$260. The ultimate target? That $295.60 swing high from earlier this year.
But there's a flip side. If $218 holds as resistance and SOL drops below the 50-day SMA around $189, we could see a much deeper correction toward $175-$173. That zone represents a gap-fill area that technical traders have been eyeing. Below that, the next major support doesn't show up until $158.
Why SOL Is Moving Now
Three factors are driving this move. First, there's clear rotation happening as Bitcoin consolidates - high-beta altcoins like SOL are catching bids. Second, Solana's ecosystem remains strong with consistent activity across DeFi, NFTs, and consumer apps. That fundamental strength gives buyers confidence to step in on weakness. Finally, the clean technical setup around $218 is attracting momentum traders who know this level matters.
The next few days will tell the whole story. Bulls need to see SOL break and hold above $218 to target that $240-$260 zone. If market momentum stays strong, even $295 becomes possible. Bears, on the other hand, are looking for rejection at $218 followed by a breakdown under $201-$198. That would likely send SOL back to test the 50-day SMA at $189, with extended downside toward $175-$173 if selling pressure builds.
Usman Salis
