Solana Price Surges Above $230, Eyes Resistance at $240 and $250
Solana initiated a price increase from the $215 zone and may target levels above $240 and $250.
- SOL price increased after settling above $222 against the US Dollar.
- Price is trading above $230 and the 100-hourly simple moving average.
- A break occurred above a key bearish trend line with resistance at $232 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair may continue to rise if the $240 resistance is cleared.
Solana Price Eyes Fresh Surge
Solana formed a support base and increased above $220, similar to Bitcoin and Ethereum. An increase above $225 and $230 resistance levels occurred.
A move above the 50% Fib retracement level was noted from the $246 swing high to the $215 low, alongside a break above the bearish trend line at $232 on the hourly chart.
Currently, Solana trades above $235 and the 100-hourly simple moving average. Resistance exists near the $240 level, which corresponds to the 76.4% Fib retracement level of the downward move from the $246 swing high to the $215 low.
The next significant resistance is near $246, with a primary resistance at $250. A successful close above $250 could lead to further increases, targeting the next key resistance at $265. Additional gains may push the price toward $280.
Potential Decline in SOL
If SOL does not surpass the $240 resistance, a decline may occur. Initial support is around $230 or the 100-hourly simple moving average, with major support near $220.
A drop below $220 could lead to a decline toward the $215 zone. If the price closes below $215, it might approach the $200 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 – $230 and $220.
Major Resistance Levels – $240 and $250.