Solana started a new increase from the $220 zone. SOL price is rising and aiming for a sustained upward move above the USD 250 resistance.
- The SOL price started to rise again after settling above the $225 level against the US dollar.
- The price is now trading above $240 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance at $240 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 Eyes Continued Rise
Solana price formed a support base and started a new increase above the $225 level, just like Bitcoin and Ethereum. There was a decent rise above the USD 230 and USD 232 resistance levels.
There was a move above the 50% Fib retracement level of the downward move from the $256 swing high to the $221 low. Additionally, there was a break above a key bearish trendline with resistance at $240 on the hourly chart of the SOL/USD pair.
Solana is now trading above $240 and the 100-hour moving average. On the upside, the price is facing resistance near the $244 level or the 61.8% Fib retracement level of the downward move from the $256 swing high to the $221 low.
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 278 level.
Are dips supported in SOL?
If SOL fails to rise above the USD 248 resistance, a downside correction could occur. The initial downside support is near the $240 level or the 100-hour moving average. The first major support is near the $232 level.
A break below the USD 232 level could send the price towards the USD 230 zone. If there is a close below the $230 support, the price could fall towards the $220 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 240 and USD 232.
Major resistance levels – $248 and $250.