Solana started a new increase above $ 245 zone. Sol Price now corrects some profits and can find bids near $ 242 or $ 240.
- Sol Price started a new upward movement above $ 242 and $ 245 levels against the US dollar.
- The price is now traded above $ 240 and the 100-hour simple advancing average.
- There was a break above an important bearish trend line with resistance at $ 240 on the hour table of the SOL/USD pair (Data Source of Kraken).
- The couple can increase losses if it drops under the $ 240 zone.
Solana -Price corrects some profit
Solana Price started a considerable elevation after it settled above the $ 232 zone and defeated Bitcoin and Ethereum. Sol climbed above the level of $ 240 to enter a positive zone in the short term.
There was a break above an important bearish trend line with resistance at $ 240 on the hour table of the SOL/USD pair. The price even beat the $ 245 resistance. The bulls could push the prize above the barrier of $ 250. A high was formed in the vicinity of $ 253 and the prize recently corrected some profit.
There was a movement below the 23.6% FIB retracement level of the upward wave of $ 232 Swing low to $ 253 High. However, the bulls were active above $ 242.
Solana is now traded above $ 242 and the 100-hour simple advancing average. Moreover, the price is confronted with resistance near the $ 248 level. The next major resistance is near the $ 254 level. The most important resistance can be $ 255. A successful closure above the $ 255 resistance zone could determine the pace for a new steady increase. The next key resistance is $ 268. More profits can send the price to the $ 272 level.
More losses in Sol?
If SOL does not rise above $ 248’s resistance, this can start a new decline. The first support on the disadvantage is near the $ 242 zone and the 50% FIB retracement level of the upward wave of the $ 232 Swing low to the high of $ 253. The first major support is close to the $ 240 level.
A break below the level of $ 240 can send the price to the $ 232 support zone. If there is an end under the support of $ 232, the price can fall to the support of $ 220 in the short term.
Technical indicators
Hourly MacD – The MACD for SOL/USD loses pace in the bullish zone.
Hours -hours RSI (relative strength -index) -The RSI for SOL/USD is below the 50 level.
Important support levels – $ 242 and $ 240.
Important resistance levels – $ 248 and $ 255.