Solana price analysis (Bullish) — 246.92 USDT (+1.77% 24h)

SOL is showing strong momentum, trading at $246.92 with a 1.77% gain over the last 24 hours. The RSI reading of 79.15 indicates overbought conditions, suggesting potential for a short-term pullback. However, the price remains above both the 20-day SMA ($242.36) and 50-day SMA ($241.37), confirming the bullish trend structure. The substantial 24-hour volume of over $905 million demonstrates solid institutional interest and retail participation. Given the elevated volatility of 2.75%, traders should consider taking partial profits near current levels while maintaining core positions. Look for support around the $240-242 zone for potential re-entry opportunities. Risk management is crucial here – set stop losses below $238 to protect gains.