Solana (SOL) Pushes Higher – Is More Upside Still | Solana News
Solana began a contemporary increase above the $220 zone. SOL price is now consolidating above $215 and may intention for more positive factors above the $225 zone.
- SOL price began a contemporary upward transfer above the $212 and $215 ranges in opposition to the US Dollar.
- The price is now trading above $215 and the 100-hourly easy transferring average.
- There is a bullish trend line forming with help at $222 on the hourly chart of the SOL/USD pair (information source from Kraken).
- The pair might prolong positive factors if it clears the $225 resistance zone.
Solana Price Eyes More Gains
Solana price began a first rate increase after it discovered help close to the $205 zone, beating Bitcoin and Ethereum. SOL climbed above the $212 stage to enter a short-term optimistic zone.
The price even smashed the $218 resistance. The bulls have been capable of push the price above the $220 barrier. A high was shaped at $226 and the price is consolidating positive factors above the 23.6% Fib retracement stage of the upward transfer from the $199 swing low to the $226 high.
Solana is now trading above $215 and the 100-hourly easy transferring average. There can also be a bullish trend line forming with help at $222 on the hourly chart of the SOL/USD pair.
On the upside, the price is going through resistance close to the $225 stage. The subsequent main resistance is close to the $232 stage. The predominant resistance may very well be $235. A profitable close above the $235 resistance zone might set the tempo for an additional regular increase. The subsequent key resistance is $245. Any more positive factors may ship the price towards the $250 stage.
Downside Correction In SOL?
If SOL fails to rise above the $225 resistance, it might begin one other decline. Initial help on the draw back is close to the $222 zone and the trend line. The first main help is close to the $212 stage or the 50% Fib retracement stage of the upward transfer from the $199 swing low to the $226 high.
A break beneath the $212 stage may ship the price towards the $205 help zone. If there may be a close beneath the $205 help, the price might decline towards the $200 help within the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 stage.
Major Support Levels – $222 and $212.
Major Resistance Levels – $225 and $235.
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