Solana started a fresh increase above the $220 zone. The SOL price is consolidating its gains and might target an upside break above the $250 resistance.
- The price is now trading above $225 after settling above the $200 level against the US Dollar and the 100-hourly simple moving average.
- The hourly chart of the SOL/USD pair shows a connecting bullish trend line, with support at $237.
- The pair could start a fresh increase if the bulls clear the $250 zone.
Solana Price Eyes More Upsides
The Solana price formed a support base and started a fresh increase above the $220 level, beating Bitcoin and Ethereum. There was a strong move above the $225 and $240 resistance levels.
Even the price cleared the $245 level. A high was made at $248, and the price is consolidating gains now. There was a move below the levels of $245 and $242. The price actually sliced below the 23.6% Fib retracement level of the upward move from the $212 swing low to the $248 high.
Solana has recently traded above $230 and the 100-hourly simple moving average. It can also be seen that there’s a connecting bullish trend line forming, and the support is at $237 on the hourly chart of the SOL/USD pair.
The upside is that the price faces resistance near the $245 level. The key level of resistance is at $248. The significant resistance might be $250. A close above the $250 resistance level would likely set the pace again for steady increases. The next key resistance is $265. Any more gains may push the price toward the $282 level as per this Solana Price Forecast.
Technical Indicators of Solana Price
- Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
- Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
- Major Support Levels – $237 and $230.
- Major Resistance Levels – $245 and $250.
Are Dips Supported in SOL?
Below, if it cannot go above the $245 resistance, SOL may continue moving lower. The first support on the downside is nearby at $237 and the trend line. The most prominent support is nearby at the $230 level, or the 50% Fib retracement level of the upward movement from the swing low of $212 to the high of $248.
A break below the $230 level might send the price toward the $220 zone. If the price closes below the $220 support, it could decline toward the $212 support in the near term.
