Solana rallies 7%, faces key resistance test at $219

Solana (SOL) has surged by 7% in the past 24 hours, backed by strong buying momentum after bulls successfully defended the $209 support zone. The Layer-1 token has also cleared its key short-term averages, trading above the 20-day EMA at $216.7, while maintaining strength over the 50-day EMA at $209, the 100-day EMA at $195.5, and the 200-day EMA at $182.76. This alignment of moving averages reflects a supportive bullish structure.

Currently, SOL is challenging the 38.2% Fibonacci Retracement level at $219, a crucial resistance area. A decisive breakout above this level would pave the way toward the 23.6% Fib Retracement level near $248, reinforcing the case for continued bullish momentum.

On the downside, rejection at $219 could send SOL back toward the $209 support, where the 50-day EMA also provides confluence, making it a key level for bulls to defend.

Momentum indicators are flashing encouraging signals. The Relative Strength Index (RSI) is retesting its neutral midline, while the Stochastic Oscillator (Stoch) nears its midpoint. A bullish cross in both indicators would provide stronger confirmation of sustained upward pressure.
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