Solana started a new increase from the $215 zone. SOL price is rising and could aim for a move above the USD 240 and USD 250 resistance levels.
- The SOL price started to rise again after settling above the $222 level against the US dollar.
- The price is now trading above $230 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance at $232 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could start a new rise if the bulls cross the $240 zone.
Solana Price looks fresh
Solana price formed a support base and started a new increase above the $220 level, just like Bitcoin and Ethereum. There was a decent rise above the USD 225 and USD 230 resistance levels.
There was a move above the 50% Fib retracement level of the downward move from the $246 swing high to the $215 low. Additionally, there was a break above a key bearish trendline with resistance at $232 on the hourly chart of the SOL/USD pair.
Solana is now trading above $235 and the 100-hour moving average. On the upside, the price is facing resistance near the $240 level or the 76.4% Fib retracement level of the downward move from the $246 swing high to the $215 low.
The next major resistance is around the $246 level. The main resistance could be at USD 250. A successful close above the $250 resistance level could set the pace for another steady rise. The next major resistance is $265. Any further gains could send the price towards the USD 280 level.
Another drop in the SOL?
If SOL fails to rise above the $240 resistance, it could trigger another decline. The initial downside support is near the $230 level or the 100-hour moving average. The first major support is near the $220 level.
A break below the USD 220 level could send the price towards the USD 215 zone. If there is a close below the $215 support, the price could fall towards the $200 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – USD 230 and USD 220.
Major resistance levels – $240 and $250.