Solana’s price has initiated a significant upward trend, breaking above the $220 threshold. Currently, SOL is stabilizing its gains, with potential for further advancement past the $250 resistance mark in sight.
After consolidating above the $200 mark against the US Dollar, Solana’s price embarked on a notable increase. Presently, the price is trading above $225, comfortably above the 100-hour simple moving average. A bullish trend line is emerging with support around the $237 level on the hourly SOL/USD chart, suggesting further positive momentum should the bulls succeed in pushing past the crucial $250 resistance.
Following a support base formation, Solana’s price surged beyond the $220 level, outperforming both Bitcoin and Ethereum. The momentum carried the price above key resistance levels at $225 and $240. An additional breakthrough saw the price rise beyond $245, peaking at $248. As of now, SOL is consolidating, experiencing slight dips below $245 and $242. It even briefly declined past the 23.6% Fibonacci retracement level from the upward movement beginning at the $212 low to the $248 high.
Currently, Solana is trading above $230, maintaining its position relative to the 100-hour simple moving average. The bullish trend line continues to offer support near $237 on the hourly chart.
On the upside, resistance is encountered at approximately $245, with an additional significant barrier at $248. The primary resistance level remains at $250. Should SOL manage a successful close above the $250 mark, this could set the stage for further increases, targeting the next crucial resistance at $265. Continued gains may propel the price towards the $282 level.
Conversely, if Solana struggles to break past the $245 resistance, it could experience a downward trajectory. Initial support appears near $237, reinforced by the trend line. The first major support region lies at $230, corresponding with the 50% Fibonacci retracement level from the $212 swing low to the $248 high.
A breach below $230 could prompt a decline towards the $220 zone. Should the price close below this support level, a further drop to the $212 support seems plausible in the near term.
Technical indicators reveal that the hourly MACD for SOL/USD is gaining traction within the bullish zone, while the hourly RSI (Relative Strength Index) for SOL/USD hovers above the 50 level. Key support levels to watch include $237 and $230, with major resistance levels at $245 and $250 respectively.
