Solana Monthly Candle Restores Critical Levels – Is $240 the Next Objective?

Solana has remained robust above the $145 mark, preserving a bullish framework even amid recent volatility. Nevertheless, the bulls have struggled to decisively surpass the $155 resistance area, a crucial threshold that may lead to a larger upward movement. Current price trends favor buyers, yet the inability to break higher points to a potential pullback if momentum continues to decline.

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Renowned analyst Jelle shared thoughts on X, remarking that Solana’s monthly candle “is not looking too shabby.” He noted that SOL managed to clear previous consolidation lows and closed the candlestick above those points, which bodes well technically and suggests resilience and a likelihood of continuation.

Nevertheless, traders are exercising caution, particularly watching the $155–$160 range as the next significant obstacle. A confirmed move above that area could indicate a rally towards previous peaks, whereas continued rejections might lead to a healthy correction into lower demand zones. With global markets still grappling with economic uncertainties, the upcoming sessions will be pivotal for SOL. Bulls need to act swiftly to uphold current levels and reclaim higher ground to maintain favorable trends.

Solana at a Critical Juncture Amid Economic Uncertainty

Solana is trading at a vital level that could mark a significant turning point for either a robust bullish rebound or a continuation of the prevailing bearish trend. Ongoing global tensions and trade frictions between the U.S. and China are influencing investor sentiment; however, recent market dynamics suggest a possible reversal. The broader cryptocurrency market has shown resilience, with Solana shining as one of the top performers.

Since early April, Solana has surged over 58%, significantly bouncing back from a local low around $95. This upward trajectory has shifted short-term sentiment, yet the price faces a critical examination at the $160 resistance mark. A successful breakthrough and retention above this point may pave the way for a significant rally, potentially guiding SOL back to prior highs.

Jelle’s optimistic perspective points out that Solana’s latest monthly candle exhibits strength. He indicates that SOL eliminated all prior consolidation lows and managed to close the month above them—a characteristically bullish indicator. This establishes a foundation for a potential retest of the $240 level, a target that corresponds with historical resistance and previous trading behavior.

Should Solana fail to breach $160, renewed selling pressure may emerge, particularly if global macro conditions deteriorate. For now, bulls must defend ongoing levels and pursue a breakout to sustain momentum.

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