Solana price has pulled back from the all-time high it hit in Monday’s session after surpassing the previous record set in early-September. Over the past week, it has surged by 37.87%. In comparison, the leading altcoin – Ethereum rose by 12.69%.
Solana price outlook
SOL is finding resistance along 220 after bouncing back from the weekend’s low of 185.63. Since dropping from September’ high of 215.86, the crypto has been trading below the resistance level of 180. However, Solana price has remained steady above this zone after moving above it in the past week.
Since the beginning of October, the altcoin has surged by about 53.05%. At the time of writing, it was up by 4.26% at 210.90. On Monday, it surpassed September’s high by hitting its all-time high of 219.04 before pulling back.
On a four-hour chart, it is trading above the 25 and 50-day exponential moving averages. Based on the technical indicators, Solana price is in good shape to hit a new record high.
In the near term, it will likely continue to find resistance at 220. Past that zone, the bulls’ next target will probably be at 250.
On the flip side, it may pull back to find support along the 25-day EMA at 198.26. Further decline would have the bears retesting the weekend’s low of 185.63. based on this perspective, 180 will remain a steady support zone in the ensuing sessions.
