Solana (SOL) Spikes Higher – Bulls Tighten Grip As | Crypto News
Solana discovered help close to the $205 zone. SOL price is now consolidating positive factors above $220 and may soon intention for more positive factors above $232.
- SOL price began a recent increase above $215 and $220 against the US Dollar.
- The price is now trading above $225 and the 100-hourly simple transferring average.
- There is a connecting bullish pattern line forming with help at $227 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price might start another increase if the bulls clear $235 and $242.
Solana Price Aims Higher
Solana price remained supported above the $215 pivot stage and prolonged positive factors, like Bitcoin and Ethereum. SOL climbed above the $220 and $225 resistance ranges.
The price even spiked above $235 before there was a pullback. The price dipped below $232 and examined $228. It is again rising and trading close to the 50% Fib retracement stage of the latest decline from the $237 swing high to the $227 low.
Solana is now trading above $225 and the 100-hourly simple transferring average. Besides, there’s a connecting bullish pattern line forming with help at $227 on the hourly chart of the SOL/USD pair.
If there are more positive factors, the price might face resistance close to the $234 stage or the 61.8% Fib retracement stage of the latest decline from the $237 swing high to the $227 low. The next major resistance is close to the $238 stage. The main resistance may very well be $242.
A profitable close above the $242 resistance zone might set the tempo for another regular increase. The next key resistance is $250. Any more positive factors may ship the price toward the $255 stage.
Another Drop In SOL?
If SOL fails to rise above the $237 resistance, it might continue to transfer down. Initial help on the draw back is close to the $227 zone and the pattern line. The first major help is close to the $225 stage.
A break below the $225 stage may ship the price toward the $220 help zone. If there’s a close below the $220 help, the price might decline toward the $212 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 – $225 and $220.
Major Resistance Levels – $237 and $242.
Stay up to date with the latest trending crypto news! Visit our web site daily for the freshest Crypto news and content, rigorously curated to keep you informed.
