NewsBTC
19 November 2024
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Solana Price Consolidates Gains with Potential Break Above $250

Solana initiated an upward movement above the $220 mark. The SOL price is consolidating gains and may target a breakout above the $250 resistance level.

  • SOL price began increasing after stabilizing above the $200 threshold against the US Dollar.
  • The price trades above $225 and the 100-hourly simple moving average.
  • A bullish trend line is forming with support at $237 on the hourly chart of the SOL/USD pair (data sourced from Kraken).
  • A fresh increase could occur if the bulls surpass the $250 zone.

Solana Price Targets Further Upsides

Solana established a support base, rising above the $220 level, outperforming Bitcoin and Ethereum. It surpassed both the $225 and $240 resistance levels.

The price also cleared the $245 mark, forming a high at $248 before consolidating gains. A decline occurred below the $245 and $242 levels, breaching the 23.6% Fibonacci retracement level from the $212 swing low to the $248 high.

Currently, Solana trades above $230 and the 100-hourly simple moving average, with a bullish trend line supporting at $237 on the hourly chart.

Solana Price

On the upside, resistance is encountered near $245, with significant resistance at $248 and the main barrier at $250. A successful close above $250 could lead to further gains, targeting the next key resistance at $265. Additional increases might propel the price toward $282.

Support Levels for Dips in SOL

If SOL does not break above the $245 resistance, it may experience a downward movement. Initial support is located near $237 and the trend line, while major support lies around $230 or the 50% Fibonacci retracement level from the $212 swing low to the $248 high.

A drop below $230 could bring the price down to the $220 zone. A close beneath $220 may lead to a decline towards the $212 support level in the near term.

Technical Indicators:

  • Hourly MACD – The MACD for SOL/USD is gaining momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
  • Major Support Levels – $237 and $230.
  • Major Resistance Levels – $245 and $250.