Solana started a fresh increase from the $220 zone. SOL price is rising and aiming for a sustained upward move above the $250 resistance.
- SOL price started a fresh increase after it settled above the $225 level against the US Dollar.
- The price is now trading above $240 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $240 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $250 zone.
Solana Price Eyes Sustained Increase
Solana price formed a support base and started a fresh increase above the $225 level like Bitcoin and Ethereum. There was a decent increase above the $230 and $232 resistance levels.
There was a move above the 50% Fib retracement level of the downward move from the $256 swing high to the $221 low. Besides, there was a break above a key bearish trend line with resistance at $240 on the hourly chart of the SOL/USD pair.
Solana is now trading above $240 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $244 level or the 61.8% Fib retracement level of the downward move from the $256 swing high to the $221 low.
Source: SOLUSD on TradingView.com
The next major resistance is near the $248 level. The main resistance could be $250. A successful close above the $250 resistance level could set the pace for another steady increase. The next key resistance is $265. Any more gains might send the price toward the $278 level.
Are Dips Supported in SOL?
If SOL fails to rise above the $248 resistance, it could start a downside correction. Initial support on the downside is near the $240 level or the 100-hourly simple moving average. The first major support is near the $232 level.
A break below the $232 level might send the price toward the $230 zone. If there is a close below the $230 support, the price could decline toward the $220 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $240 and $232.
Major Resistance Levels – $248 and $250.
Aayush Jindal
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
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