Solana (SOL) Shows Strength – Can The Bulls Maintain Control For Another Leg Up?
Solana began a recent enhance above the $188 zone. SOL value is now consolidating above $200 and may goal for extra good points above the $208 zone.
- SOL value began a recent upward transfer above the $185 and $188 ranges in opposition to the US Greenback.
- The value is now buying and selling above $200 and the 100-hourly easy shifting common.
- There’s a bullish pattern line forming with assist at $199 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
- The pair might prolong good points if it clears the $208 resistance zone.
Solana Worth Jumps Additional Above $200
Solana value began a good enhance after it settled above the $172 zone, beating Bitcoin and Ethereum. SOL climbed above the $180 degree to enter a short-term constructive zone.
The value even smashed the $188 resistance. The bulls had been capable of push the value above the 61.8% Fib retracement degree of the primary drop from the $225 swing excessive to the $155 low. In addition to, there’s a bullish pattern line forming with assist at $199 on the hourly chart of the SOL/USD pair.
Solana is now buying and selling above $202 and the 100-hourly easy shifting common. On the upside, the value is going through resistance close to the $208 degree and the 76.4% Fib retracement degree of the primary drop from the $225 swing excessive to the $155 low. The subsequent main resistance is close to the $218 degree.
The primary resistance could possibly be $225. A profitable shut above the $225 resistance zone might set the tempo for an additional regular enhance. The subsequent key resistance is $242. Any extra good points may ship the value towards the $250 degree.
One other Pullback In SOL?
If SOL fails to rise above the $208 resistance, it might begin one other decline. Preliminary assist on the draw back is close to the $199 zone and the pattern line. The primary main assist is close to the $195 degree.
A break under the $195 degree may ship the value towards the $190 assist zone. If there’s a shut under the $190 assist, the value might decline towards the $180 assist within the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.
Hourly Hours RSI (Relative Power Index) – The RSI for SOL/USD is above the 50 degree.
Main Assist Ranges – $199 and $190.
Main Resistance Ranges – $208 and $218.
