Solana started a new increase above the $220 zone. SOL price is consolidating gains and could aim for an upside break above the USD 250 resistance.
- The SOL price started to rise again after settling above the $200 level against the US dollar.
- The price is now trading above $225 and the 100-hour moving average.
- A connecting bullish trendline is forming with support at $237 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could start a new rise if the bulls cross the $250 zone.
Solana Price has more positive aspects
Solana price formed a support base and started a new rise above the $220 level, beating Bitcoin and Ethereum. There was a strong move above the USD 225 and USD 240 resistance levels.
The price even reached the $245 level. A high was reached at $248 and the price is now consolidating gains. There was a move below the USD 245 and USD 242 levels. The price fell below the 23.6% Fib retracement level of the upward move from the $212 swing low to the $248 high.
Solana is now trading above $230 and the 100-hour moving average. A connecting bullish trendline is also forming with support at $237 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance around the $245 level. The next major resistance is near the $248 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 282 level.
Are dips supported in SOL?
If SOL fails to rise above the $245 resistance, the price could continue to decline. The initial downside support is near the $237 level and the trendline. The first major support is near the $230 level or the 50% Fib retracement level of the upward move from the $212 swing low to the $248 high.
A break below the $230 level could send the price towards the $220 zone. If there is a close below the $220 support, the price could fall towards the $212 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 237 and USD 230.
Major resistance levels – $245 and $250.