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Solana (SOL) Price Explodes Higher – How Long Can Bulls Hold?

Solana began a recent improve above the $200 zone. SOL worth is now consolidating above $212 and may purpose for extra features above the $220 zone.

  • SOL worth began a recent upward transfer above the $200 and $212 ranges towards the US Greenback.
  • The value is now buying and selling above $212 and the 100-hourly easy shifting common.
  • There’s a bullish pattern line forming with help at $212 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The pair might lengthen features if it clears the $220 resistance zone.

Solana Worth Extends Surge

Solana worth began a good improve after it discovered help close to the $192 zone, beating Bitcoin and Ethereum. SOL climbed above the $200 stage to enter a short-term constructive zone.

The value even smashed the $205 resistance. The bulls had been in a position to push the value above the $212 barrier. A excessive was fashioned at $217 and the value is consolidating features above the 23.6% Fib retracement stage of the upward transfer from the $185 swing low to the $217 excessive.

Solana is now buying and selling above $212 and the 100-hourly easy shifting common. There may be additionally a bullish pattern line forming with help at $212 on the hourly chart of the SOL/USD pair.

On the upside, the value is going through resistance close to the $218 stage. The subsequent main resistance is close to the $220 stage. The primary resistance could possibly be $225. A profitable shut above the $225 resistance zone might set the tempo for an additional regular improve. The subsequent key resistance is $232. Any extra features may ship the value towards the $250 stage.

Draw back Correction In SOL?

If SOL fails to rise above the $220 resistance, it might begin one other decline. Preliminary help on the draw back is close to the $212 zone. The primary main help is close to the $210 stage.

A break beneath the $210 stage may ship the value towards the $202 help zone and the 50% Fib retracement stage of the upward transfer from the $185 swing low to the $217 excessive. If there’s a shut beneath the $202 help, the value might decline towards the $195 help within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

Hourly Hours RSI (Relative Power Index) – The RSI for SOL/USD is above the 50 stage.

Main Assist Ranges – $212 and $202.

Main Resistance Ranges – $220 and $225.

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