Solana nears a crucial resistance level breakout:



Solana edges higher by over 0.50% at press time on Wednesday, extending the 1.45% rise from the previous day. The high-performance blockchain token maintains an uptrend for the fourth consecutive day, trading near an eight-month high.

Solana faces opposition at the 61.8% Fibonacci level at $219.24, which is retraced from the $295 high from January 19 to the $95 low from April 7. If SOL surpasses this crucial resistance, it would confirm a breakout rally, potentially targeting the 78.6% Fibonacci level at $252.95.

The Moving Average Convergence Divergence (MACD) crosses above its signal line on Monday, signaling a bullish trend reversal. Additionally, the Relative Strength Index (RSI) at 61 bounces off the halfway line, indicating that the buying pressure is increasing with further space for recovery before reaching the overbought level at 70.

Looking down, if Solana reverses from the $219 resistance level, it could retest the 50% retracement level at $195.

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SOL3.23%
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