Solana (SOL) Could Soon Rally Past $250—Are Bulls in Control?
Solana started a new leg higher above the $220 area. SOL price is consolidating gains and may target an upward break above the $250 resistance.
- The SOL/USD exchange rate started a new round of gains after breaking through the $200 level.
- The price is currently above $225 and the 100 hourly simple moving average.
- A bullish trend line is forming with support at $237 on the hourly chart of the SOL/USD pair (data source from Kraken).
- If the bulls break above the $250 area, the pair may start a fresh leg higher.
Solana Price Eyes More Upside
Solana price forms a base of support and starts a new uptrend, breaking above the $220 level Bitcoin and Ethereum. There was a strong break above the $225 and $240 resistance levels.
The price even broke above the $245 level. A high was formed at $248 and the price is now consolidating gains. The price fell below the $245 and $242 levels. The price fell below the 23.6% Fib retracement level of the upward move from the $212 swing low to $248 high.
Solana is currently trading above $230 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $237 on the hourly chart of the SOL/USD pair.
On the upside, the price faces resistance near $245. The next major resistance is near $248. The main resistance level is likely to be $250. A successful close above the $250 resistance could set the stage for another solid move higher. The next key resistance level is $265. In case of further gains, the price may rise towards the $282 level.
Does SOL support Dips?
If SOL fails to break above the $245 resistance, the decline is likely to continue. Initial support on the downside is near the $237 level and the trend line. First major support is seen near $230, the 50% Fib retracement level of the upward move from the $212 swing low to $248 high.
A break below the $230 level could push the price towards the $220 zone. If the price closes below the $220 support, the price may drop towards the $212 support in the short term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – $237 and $230.
Major resistance levels – $245 and $250.
