Solana started a new increase from the $215 area. SOL price is on the rise and may aim to move above the $240 and $250 resistance levels.
- SOL price started a new rise after settling above the $222 level against the US Dollar.
- The price is now trading above the $230 level and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance at $232 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a new increase if the bulls cross the $240 area.
Solana Price is looking forward to a new breakthrough
Solana price formed a support base and started a new rise above the $220 level like Bitcoin and Ethereum. There was a good increase above the $225 and $230 resistance levels.
There was a move above the 50% Fib retracement level of the downward move from the swing high at $246 to the swing low at $215. Moreover, there was a break above the major downtrend line with resistance at $232 on the hourly chart of the SOL/USD pair.
Solana is now trading above the $235 level and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $240 level or the 76.4% Fibonacci retracement level of the downward move from the $246 swing high to the $215 low.
The next major resistance is near the $246 level. Major resistance could be at $250. A successful close above the $250 resistance level could set the pace for another steady increase. The next major resistance is $265. Any further gains could push the price towards the $280 level.
Another drop in SOL?
If SOL fails to rise above the $240 resistance level, it could start another decline. Initial support on the downside is near the $230 level or the 100 hourly simple moving average. The first major support is near the $220 level.
A break below the $220 level could send the price towards the $215 area. If there is a close below the $215 support level, the price may fall towards the $200 support level in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key Support Levels – $230 and $220.
Major resistance levels – $240 and $250.