Solana (SOL) price prediction: After breaking through the 235 USD resistance level, it may challenge the 250 USD mark.

After rebounding from recent lows, the price of Solana (SOL) is currently trading at the $230 level, approaching a key resistance area. Traders are closely following whether SOL has the ability to break through the $230-$235 barrier. If successful, this will open the door for a larger pump, potentially challenging the psychological level of $250 in the short term.

Solana price reaches key resistance zone

According to the latest market data, the current price of Solana is around $230, having risen by 4.3% in the past 24 hours. Although the price trend has slowed down recently, the technical indicators remain healthy. This consolidation may just be a "breather" before the next pump.

Bullish Scenario: Breakthrough resistance, target 250 USD

If Solana can decisively break through the resistance range of 230-235 USD, the next technical target will be the 236-240 USD area.

Breakthrough momentum: Once a successful breakout occurs, it may attract more buyers from the spot and derivatives markets, accelerating the pump.

Ultimate goal: $250 remains an important psychological barrier. If it can be reached, it will ignite further bullish sentiment in the market. Currently, both liquidity and market sentiment seem to be leaning towards the bulls.

Bearish Risk: If blocked, will pull back

However, if Solana fails to break through the resistance of $230-235, its price may get rejected and fall back to the support area of $210-220. If this support level is also lost, attention should be paid to $200, as well as other key support levels further down like $190-186. Although the fundamentals of SOL and network upgrades are progressing well, it is still affected by broader market sentiment. Any pullback in the overall market could put pressure on its price.

Fundamentals and Catalysts: Network Upgrades and ETF Speculation

In addition to technical analysis, the following key factors may also provide momentum for Solana's rise:

Alpenglow Upgrade: The milestone Alpenglow network upgrade for Solana is generating excitement in the community, aiming to reduce transaction finality time to 150 milliseconds.

On-chain activity: Strong on-chain activity data indicates that network usage is increasing.

ETF speculation: The ongoing speculation and related applications surrounding the Solana ETF also provide an additional catalyst for potential pump.

Conclusion

Currently, the price of Solana is at the top of its recent volatility range, testing a key resistance level. Its short-term outlook leans towards a cautiously bullish sentiment, and whether it can successfully break through will be key in determining its next move. If the bulls can maintain control, a target of $250 will be very promising, but the tug-of-war around $230-$235 will determine the next direction.