Solana Price Consolidates Above $220, Aims for Gains Beyond $232

Solana (SOL) is consolidating above $220, aiming for potential gains beyond $232.

SOL price increased above $215 and $220 against the US Dollar.
Currently trading above $225 and the 100-hourly simple moving average.
A bullish trend line with support at $227 is forming on the hourly SOL/USD chart.
Potential for further increases if bulls surpass $235 and $242 resistance levels.

Solana Price Movements

After support above $215, SOL extended gains, similar to Bitcoin and Ethereum. It briefly surpassed $235 before pulling back, currently trading near the 50% Fib retracement from $237 to $227.

Solana Price

Resistance is anticipated near $234 and $238, with major resistance at $242. A close above $242 could lead to a rise towards $250, potentially reaching $255.

Potential Decline

If SOL doesn't rise above $237, it may decline. Initial support is at $227, followed by significant support at $225. Falling below $225 could push the price towards $220, and further down to $212.

Technical Indicators

Hourly MACD is positive for SOL/USD.
RSI for SOL/USD is above 50.
Support Levels: $225, $220
Resistance Levels: $237, $242