Solana (SOL) Spikes Higher – Bulls Tighten Grip As Market Heats Up Again
Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Solana found support near the $205 zone. SOL price is now consolidating gains above $220 and might soon aim for more gains above $232.
- SOL price started a fresh increase above $215 and $220 against the US Dollar.
- The price is now trading above $225 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $227 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could start another increase if the bulls clear $235 and $242.
Solana Price Aims Higher
Solana price remained supported above the $215 pivot level and extended gains, like Bitcoin and Ethereum . SOL climbed above the $220 and $225 resistance levels.
The price even spiked above $235 before there was a pullback. The price dipped below $232 and tested $228. It is again rising and trading near the 50% Fib retracement level of the recent decline from the $237 swing high to the $227 low.
Solana is now trading above $225 and the 100-hourly simple moving average. Besides, there is a connecting bullish trend line forming with support at $227 on the hourly chart of the SOL/USD pair.
If there are more gains, the price could face resistance near the $234 level or the 61.8% Fib retracement level of the recent decline from the $237 swing high to the $227 low. The next major resistance is near the $238 level. The main resistance could be $242.
Source: SOLUSD on TradingView.comA successful close above the $242 resistance zone could set the pace for another steady increase. The next key resistance is $250. Any more gains might send the price toward the $255 level.
Another Drop In SOL?
If SOL fails to rise above the $237 resistance, it could continue to move down. Initial support on the downside is near the $227 zone and the trend line. The first major support is near the $225 level.
A break below the $225 level might send the price toward the $220 support zone. If there is a close below the $220 support, the price could decline toward the $212 support in the near term.
Technical Indicators
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 – $225 and $220.
Major Resistance Levels – $237 and $242.
