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**Solana Price Stalls Ahead of a Potential Breakout**
Since reaching a fresh all-time high on 19th January 2025 on the back of Trump and Melania’s PolitiFi tokens, SOL/USD has dropped by close to 20%. At $237.69 as at the time of writing, the altcoin has gained 3.92% over the past 24 hours.
After a corrective pullback that affected the crypto majors, Solana price appears to be finding its footing. A closer inspection of its daily chart reveals that it is trading between the mid and upper Bollinger Bands (BB). While the bulls remain in control, the lack of an immediate catalyst may push Solana into a consolidation phase.
It is worth noting that the range between $225.84 and $247.97 will be crucial to watch from now on. Should SOL/USD break above this resistance, the focus would shift to breaking the barrier at $260.92.
In anticipation of such an eventuality, it might be wise to place a stop loss at $215.57 to limit potential losses should the consolidation phase continue or even intensify.
As we await further developments in the crypto space and market conditions, readers are encouraged to stay tuned for updates on Solana’s price action and any news that may influence its trajectory.
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Source: coinjournal.net
