Solana (SOL) Back on Track: Is The Uptrend Here to Stay?
Solana started a new leg higher from the $215 area. SOL price is rising and may target a break above the $240 and $250 resistance levels.
- SOL price started a fresh rise after rising above $222 against the US dollar.
- The price is currently above $230 and the 100 hourly simple moving average.
- There is a break above a key bearish trend line with resistance at $232 on the hourly chart of the SOL/USD pair (data source: Kraken).
- If the bulls break above the $240 area, the pair may start a fresh leg higher.
Solana prices usher in a new round of rise
Solana Price Forms Support Base and Starts New Rise Above $220 Bitcoin and Ethereum. There was considerable gains above the $225 and $230 resistance levels.
The price broke above the 50% Fib retracement level of the downward move from the swing high of $246 to low of $215. Additionally, there was a break above a key bearish trend line with resistance at $232 on the hourly chart of the SOL/USD pair.
Solana is currently trading above $235 and the 100 hourly simple moving average. On the upside, the price faces resistance at the $240 level or near the 76.4% Fib retracement level of the downward move from the $246 swing high to $215 low.
The next major resistance is near $246. The main resistance level is likely to be $250. A successful close above the $250 resistance could set the stage for another steady rise. The next key resistance level is $265. In case of further gains, the price may rise towards the $280 level.
SOL drops again?
If SOL fails to break above the $240 resistance, another decline could begin. Initial support on the downside is near the $230 level or the 100 hourly simple moving average. The first major support level is near $220.
A break below the $220 level could push the price towards the $215 area. If the price closes below the $215 support, the price may drop towards the $200 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 – $230 and $220.
Major resistance levels – $240 and $250.
