Solana (SOL) has entered a downward phase, failing to sustain its momentum above the $250 mark. After struggling to break past the $260 resistance level, SOL saw a steep decline similar to Bitcoin and Ethereum. It dropped below the $250 and $242 support levels, even touching a low of $225 before stabilizing.

Currently, the price is attempting a mild recovery, surpassing the $230 mark and breaking above the 23.6% Fibonacci retracement level from its latest decline between $244 and $225. However, it remains below the $240 level and the 100-hourly simple moving average, signaling continued bearish sentiment.

Technical indicators suggest that resistance at $235 could be a crucial turning point. The price faces further resistance near $242 and a significant trend line acting as a barrier on the hourly chart. A break above this level might push SOL towards the $250 mark, with a potential upside reaching $260 or even $275 if bullish momentum builds.

On the downside, failure to breach the $235 level could trigger another decline. Immediate support lies at $225, followed by a crucial level at $222. A drop below $222 might lead to further losses, potentially testing the $212 support zone. If selling pressure intensifies, SOL could see a deeper fall towards $200.

The hourly MACD indicates a slowdown in bullish momentum, while the RSI remains below 50, suggesting limited buying interest. If bulls can reclaim control above $242, SOL could enter a fresh uptrend. Until then, the market remains cautious, with traders closely monitoring key resistance and support levels.