Solana Price Surges Above $240, Eyes Key $250 Resistance
Solana initiated a rise from the $220 zone, with SOL price increasing and targeting sustained movement above the $250 resistance.
- SOL price increased after settling above the $225 level against the US Dollar.
- The price is now above $240 and the 100-hourly simple moving average.
- A break occurred above a key bearish trend line with resistance at $240 on the hourly chart of the SOL/USD pair (data source from Kraken).
- If bulls clear the $250 zone, the pair could experience further increases.
Solana Price Eyes Sustained Increase
Solana formed a support base and rose above the $225 level, similar to Bitcoin and Ethereum. The price surpassed the $230 and $232 resistance levels.
A move above the 50% Fib retracement level occurred from the $256 swing high to the $221 low. Additionally, there was a break above a bearish trend line with resistance at $240 on the hourly chart of the SOL/USD pair.
Currently, Solana trades above $240 and the 100-hourly simple moving average. The price faces resistance near the $244 level or the 61.8% Fib retracement level from the previous downward movement.
The next significant resistance is near $248, with the main resistance at $250. A successful close above $250 may lead to further increases towards $265 and potentially $278.
Are Dips Supported in SOL?
If SOL does not exceed the $248 resistance, it may begin a downside correction. Initial support is around $240 or the 100-hourly simple moving average, with major support near the $232 level.
A drop below $232 could push the price toward the $230 zone. If it closes below $230, the price might decline to the $220 support level.
Technical Indicators:
- Hourly MACD – Gaining pace in the bullish zone.
- Hourly RSI (Relative Strength Index) – Above the 50 level.
- Major Support Levels – $240 and $232.
- Major Resistance Levels – $248 and $250.