Solana price was marginally down on Wednesday morning, as it lost 1.80% in 24 hours to trade at $217.93. Solana has been struggling to return to its previous ascending channel, but to achieve that would mean rising to $230 mark.
That seems like a tall order, under the current circumstances in the crypto market. Nonetheless, SOL has had a relatively good run, gaining 0.85% over the past seven days, at a time when most of the assets are in a slump. Therefore, the prospect of a return to an uptrend isn’t overly ambitious.
This week, Solana has made two advancements that could solidify its long-term growth. First, there’s Nina, the blockchain-based music streaming service. The service is built on Solana’s network and is geared towards promoting equity and better earning opportunities for artists. Secondly, Solana has launched the Alfprotocol, which will help create high-leverage liquidity for Solana-based DeFi services.
Solana price has been heading sideways over the past four days. It is likely to break out in either direction for either an uptrend or a downtrend. The current momentum is neutral, with the RSI at 49. The price will need to stay above $215 to support a breakout to the upper side.
If that happens and the momentum builds up, the first resistance is likely to be at $222. Beyond that point, the next resistance will be at $230. However, if the buyer momentum weakens, the SOL/USD price could head down to the first support at $208. Beyond that point, the next support is likely to be at $205.