SOL Rebounds from $220, $253 Target in Sight

Key Insights:

• SOL holds above $220 support with $235 resistance in focus, eyeing a potential breakout ahead.
• Elliott Wave count suggests wave (3) may extend toward $247 before a brief corrective phase begins.
• Momentum remains mixed; RSI nears oversold while price consolidates near converging moving averages.

Solana (SOL) was trading at $221.73 after bouncing from the $220 support area. The move comes after a 6% drop over the past 24 hours. Despite the pullback, the token has gained 8% in the last seven days.

The $220 zone acted as a base during recent selling pressure. Once reached, buyers stepped in and helped push the price back toward short-term resistance. This level has been tested before and remains a key area to watch.

$235 Resistance Being Tested

The price is now hovering just below $235. This area has served as resistance in past sessions and continues to hold back further gains. The market is trading in a narrow range, showing signs of hesitation near this level.

If price moves above $235 with strength, it could open the way toward $253. That zone marks a previous high from September and remains a possible target if current support levels remain stable. The move would reflect a continuation of the bounce from $220.

Wave Structure Points Toward $247

Technical analysis shows that SOL may still be moving within wave (3) of a five-wave sequence. The 1.618 Fibonacci extension puts wave (3)’s possible end near $247. A move into this area may lead to a short-term pullback before the final wave (5) develops.

Short-term support sits at $217. “If price remains above $217, the current structure stays valid,” one chart-based comment noted. A drop below could shift the pattern and suggest a shift in direction earlier than expected.

Indicators Show Mixed Market Signals

Short-term charts show moving averages — 5MA, 10MA, and 20MA — converging around the current price. This often reflects a consolidation phase. The MACD has crossed to the downside, while RSI is moving closer to the oversold zone.

Price was currently holding above $228. “A bounce from here is possible if buyers react,” one trader noted. As long as $220 continues to hold as a floor, the next move toward $253 remains technically reasonable. Volume and momentum over the next sessions will be key to confirming that path.