Solana (SOL) Pushes Higher – Is More Upside Still Ahead?
Solana began a contemporary improve above the $220 zone. SOL value is now consolidating above $215 and would possibly intention for extra features above the $225 zone.
- SOL value began a contemporary upward transfer above the $212 and $215 ranges towards the US Greenback.
- The value is now buying and selling above $215 and the 100-hourly easy shifting common.
- There’s a bullish pattern line forming with help at $222 on the hourly chart of the SOL/USD pair (information supply from Kraken).
- The pair might lengthen features if it clears the $225 resistance zone.
Solana Worth Eyes Extra Features
Solana value began a good improve after it discovered help close to the $205 zone, beating Bitcoin and Ethereum. SOL climbed above the $212 stage to enter a short-term optimistic zone.
The value even smashed the $218 resistance. The bulls had been in a position to push the worth above the $220 barrier. A excessive was fashioned at $226 and the worth is consolidating features above the 23.6% Fib retracement stage of the upward transfer from the $199 swing low to the $226 excessive.
Solana is now buying and selling above $215 and the 100-hourly easy shifting common. There’s additionally a bullish pattern line forming with help at $222 on the hourly chart of the SOL/USD pair.
On the upside, the worth is dealing with resistance close to the $225 stage. The subsequent main resistance is close to the $232 stage. The primary resistance may very well be $235. A profitable shut above the $235 resistance zone might set the tempo for an additional regular improve. The subsequent key resistance is $245. Any extra features would possibly ship the worth towards the $250 stage.
Draw back Correction In SOL?
If SOL fails to rise above the $225 resistance, it might begin one other decline. Preliminary help on the draw back is close to the $222 zone and the pattern line. The primary main help is close to the $212 stage or the 50% Fib retracement stage of the upward transfer from the $199 swing low to the $226 excessive.
A break under the $212 stage would possibly ship the worth towards the $205 help zone. If there’s a shut under the $205 help, the worth might decline towards the $200 help 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 stage.
Main Help Ranges – $222 and $212.
Main Resistance Ranges – $225 and $235.
