Solana (SOL) Back on Track: Is The Uptrend Here to Stay?
Solana started a fresh increase from the $215 zone. SOL price is rising and might aim for a move above the $240 and $250 resistance levels.
- SOL price started a fresh increase after it settled above the $222 level against the US Dollar.
- The price is now trading above $230 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $232 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $240 zone.
Solana Price Eyes Fresh Surge
Solana price formed a support base and started a fresh increase above the $220 level like Bitcoin and Ethereum . There was a decent increase above the $225 and $230 resistance levels.
There was a move above the 50% Fib retracement level of the downward move from the $246 swing high to the $215 low. Besides, there was a break above a key bearish trend line with resistance at $232 on the hourly chart of the SOL/USD pair.
Solana is now trading above $235 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $240 level or the 76.4% Fib retracement level of the downward move from the $246 swing high to the $215 low.
Source: SOLUSD on TradingView.comThe next major resistance is near the $246 level. The main resistance could be $250. A successful close above the $250 resistance level could set the pace for another steady increase. The next key resistance is $265. Any more gains might send the price toward the $280 level.
Another Decline in SOL?
If SOL fails to rise above the $240 resistance, 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 might send the price toward the $215 zone. If there is a close below the $215 support, the price could decline toward the $200 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 – $230 and $220.
Major Resistance Levels – $240 and $250.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
NVIDIA ignites a new Wall Street expectation: $1 trillion revenue sprint for FY2028?
Nvidia's latest financial report has once again shocked the market, with management forecasting a revenue increase of over 70% for fiscal year 2028, far exceeding Wall Street's consensus estimate of 45%. Institutions such as JPMorgan, Goldman Sachs, and Bernstein are unanimously bullish, and some analysts boldly predict that reaching $1 trillion in revenue for fiscal year 2029 is "not impossible." With mass production of the next-generation chip platform Vera Rubin imminent, accelerating demand combined with supply constraints suggests that the current guidance may be a conservative figure.
Tron Inc. adds 147,969 TRX to treasury as TRX targets resistance at $0.3442
"Federal Reserve Communications News Agency": History Repeats Itself—In the Face of War, Bagehot Tests the "Boundaries Between the Federal Reserve and the Treasury"
Nick Timiraos from "Fed Communications Agency" believes that Bessent’s announcement to at least double the repurchase of long-term Treasury bonds aims to lower long-term yields, which have reached 19-year highs; this move comes at a time when the Federal Reserve may need to tighten financial conditions. If the intervention succeeds, it will prompt more FOMC officials to favor a rate hike. Coupled with Bessent's previous interventions in the Japanese yen, personnel and monetary policy at the Atlanta Fed, the historical boundaries between the Treasury Department and the Federal Reserve are being tested from multiple directions.
Suspicions arise over "AI Central Bank" or "Balance Sheet as a Service"? Nvidia halts "Revenue Sharing for Financing" model
Nvidia's "AI Computing Power Partnership Program" was halted less than two months after its launch, with antitrust concerns being one of the triggers. Meanwhile, Nvidia disclosed for the first time its massive off-balance-sheet commitments totaling $530.5 billion. Morgan Stanley warned that the "circular financing" model is introducing significant and opaque tail risks. CDS quotes soared to 83 basis points, doubling the historical average — Wall Street is voting with prices: Is Nvidia's balance sheet a moat or a liability?
Crypto prices
More
