Solana (SOL) Spikes Higher – Bulls Tighten Grip As Market Heats Up Again
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Solana found support near the $205 zone. SOL price is now consolidating gains above $220 and might soon aim for more gains above $232.
- SOL price started a fresh increase above $215 and $220 against the US Dollar.
- The price is now trading above $225 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $227 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could start another increase if the bulls clear $235 and $242.
Solana Price Aims Higher
Solana price remained supported above the $215 pivot level and extended gains, like Bitcoin and Ethereum . SOL climbed above the $220 and $225 resistance levels.
The price even spiked above $235 before there was a pullback. The price dipped below $232 and tested $228. It is again rising and trading near the 50% Fib retracement level of the recent decline from the $237 swing high to the $227 low.
Solana is now trading above $225 and the 100-hourly simple moving average. Besides, there is a connecting bullish trend line forming with support at $227 on the hourly chart of the SOL/USD pair.
If there are more gains, the price could face resistance near the $234 level or the 61.8% Fib retracement level of the recent decline from the $237 swing high to the $227 low. The next major resistance is near the $238 level. The main resistance could be $242.
Source: SOLUSD on TradingView.comA successful close above the $242 resistance zone could set the pace for another steady increase. The next key resistance is $250. Any more gains might send the price toward the $255 level.
Another Drop In SOL?
If SOL fails to rise above the $237 resistance, it could continue to move down. Initial support on the downside is near the $227 zone and the trend line. The first major support is near the $225 level.
A break below the $225 level might send the price toward the $220 support zone. If there is a close below the $220 support, the price could decline toward the $212 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 – $225 and $220.
Major Resistance Levels – $237 and $242.
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.
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