Solana (SOL) Price Explodes Higher – How Long Can | Crypto News
Solana began a recent increase above the $200 zone. SOL price is now consolidating above $212 and may purpose for more good points above the $220 zone.
- SOL price began a recent upward transfer above the $200 and $212 ranges against the US Dollar.
- The price is now trading above $212 and the 100-hourly simple shifting average.
- There is a bullish pattern line forming with help at $212 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair might lengthen good points if it clears the $220 resistance zone.
Solana Price Extends Surge
Solana price began a first rate increase after it discovered help close to the $192 zone, beating Bitcoin and Ethereum. SOL climbed above the $200 stage to enter a short-term constructive zone.
The price even smashed the $205 resistance. The bulls had been in a position to push the price above the $212 barrier. A high was fashioned at $217 and the price is consolidating good points above the 23.6% Fib retracement stage of the upward transfer from the $185 swing low to the $217 high.
Solana is now trading above $212 and the 100-hourly simple shifting average. There is also a bullish pattern line forming with help at $212 on the hourly chart of the SOL/USD pair.
On the upside, the price is dealing with resistance close to the $218 stage. The next major resistance is close to the $220 stage. The main resistance could possibly be $225. A profitable close above the $225 resistance zone might set the tempo for another regular increase. The next key resistance is $232. Any more good points may ship the price toward the $250 stage.
Downside Correction In SOL?
If SOL fails to rise above the $220 resistance, it might start another decline. Initial help on the draw back is close to the $212 zone. The first major help is close to the $210 stage.
A break below the $210 stage may ship the price toward the $202 help zone and the 50% Fib retracement stage of the upward transfer from the $185 swing low to the $217 high. If there may be a close below the $202 help, the price might decline toward the $195 help in the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 stage.
Major Support Levels – $212 and $202.
Major Resistance Levels – $220 and $225.
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