Solana Price Consolidates Gains, Eyes Break Above $255 Resistance
Solana has initiated an increase above the $240 mark. The SOL price is consolidating gains and may attempt to break above the $255 resistance.
- SOL price increased after settling above $220 against the US Dollar.
- The price is currently below $255 and the 100-hourly simple moving average.
- A short-term bearish trend line is forming, with resistance at $252 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could see a fresh increase if the bulls surpass the $255 level.
Solana Price Eyes More Upsides
Solana price established a support base and began rising above $232, outperforming Bitcoin and Ethereum. The price moved above the $245 and $250 resistance levels.
A high was recorded at $264.8, but the price is now consolidating gains and dipped below the $260 and $255 levels, falling beneath the 50% Fib retracement level from the $230 swing low to the $264 high.
Bulls remain active near the $242 support and the 61.8% Fib retracement level of the upward move from the $230 swing low to the $264 high. Solana is trading under $255 and the 100-hourly simple moving average.
Resistance is evident near the $252 level, along with a short-term bearish trend line forming at this point on the hourly chart of the SOL/USD pair.
The next significant resistance is near $255, with major resistance potentially at $265. A successful close above $265 could lead to further increases, targeting $275 and possibly reaching $282.
Are Dips Limited in SOL?
If SOL does not rise above the $255 resistance, it may experience a downside correction. Initial support is around $246, with major support near $242.
A decline below the $242 level could push the price toward $238. A close below $238 may result in a drop to the $230 support 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 – $246 and $242.
Major Resistance Levels – $255 and $260.