Technical outlook: Solana bulls eye 27% breakout :

Solana remains above the support level provided at $230 as bulls look forward to a swift recovery above the $250 near-term target. The token also sits significantly above key moving averages, including the 50-day Exponential Moving Average (EMA) at $203, the 100-day EMA at $188 and the 200-day EMA at $177, supporting the bullish outlook.

The same moving averages would serve as tentative support levels if the macro environment fails to support a bullish outcome and holders sell, realizing profits, following the surge to $248-250 resistance in the previous week.

A supportive macro environment, starting with a potential Fed rate cut, could boost Solana's bullish outlook toward its record high of $296.

Still, the Relative Strength Index's (RSI) sharp decline from overbought territory to 62 indicates fading bullish momentum. If the decline continues in upcoming sessions, the price of SOL could extend the correction below the $230 short-term support and potentially toward the 50-day EMA at $203.

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