Solana started a new rise above the USD 240 resistance. The SOL price is back above $2500 and could aim for another rise above the $262 zone.
- The SOL price started a new increase above the USD 240 and USD 250 levels against the US dollar.
- The price is now trading above $250 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance at $245 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could start a new rise if the bulls cross the $262 zone.
Solana Price claims $250 back
Solana price formed a base above $225 and started a decent upward move, just like Bitcoin and Ethereum. SOL was able to climb above the USD 235 and USD 240 resistance levels.
There was a break above a key bearish trendline with resistance at $245 on the hourly chart of the SOL/USD pair. The pair even crossed the 50% Fib retracement level of the downward move from the $272 swing high to the $230 low.
Solana is now trading above $250 and the 100-hour moving average. On the upside, the price is facing resistance near the $262 level or the 76.4% Fib retracement level of the downward move from the $272 swing high to the $230 low.
The next major resistance is near the $272 level. The main resistance could be at USD 280. A successful close above the USD 280 resistance zone could set the pace for another steady rise. The next major resistance is $292. Any further gains could send the price towards the USD 300 level.
Another drop in the SOL?
If SOL fails to rise above the USD 262 resistance, it could trigger a fresh decline. Initial downside support is near the $250 zone and the 100-hour moving average.
The first major support is near the $240 level. A break below the $240 level could send the price towards the $230 zone. If there is a close below the USD 230 support, the price could fall towards the USD 215 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 250 and USD 240.
Major resistance levels – $262 and $272.