Solana Aims for $209 Resistance Following Recovery Above 4-Hour SMA
Solana's price has turned bullish, reclaiming the 4-hour Simple Moving Average (SMA) and targeting the $209 resistance level. Increased trading activity indicates heightened confidence among traders amid a recovery from recent consolidation.
- Current price action shows potential for further upside.
- Challenges remain at $209 due to resistance levels and possible profit-taking.
- Sustained buying pressure is required to maintain upward momentum.
- A breakout above $209 could confirm recovery and lead to higher gains.
Technical Indicators
- The altcoin's move above the 4-hour SMA suggests bulls are regaining control.
- The SMA now serves as critical support, reinforcing the bullish trend.
- The Relative Strength Index (RSI) is above 50%, indicating strong buying activity.
- Continued RSI growth without reaching overbought levels may allow for further gains.
Resistance at $209
- $209 is a pivotal resistance level; a breakout here would validate the uptrend.
- Surpassing this level could push Solana towards $240 and $260.
- Failure to break through may lead to a pullback, testing lower support levels of $194 and $164.
