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Solana (SOL) Rally Builds – Can Bulls Extend Gains Beyond Key Levels?

Solana began a recent improve above the $212 zone. SOL value is now consolidating above $210 and would possibly intention for extra positive factors above the $218 zone.

  • SOL value began a recent upward transfer above the $202 and $210 ranges towards the US Dollar.
  • The value is now buying and selling above $210 and the 100-hourly easy transferring common.
  • There is a bullish development line forming with assist at $212 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The pair may lengthen positive factors if it clears the $218 resistance zone.

Solana Price Eyes Additional Gains

Solana value began a good improve after it discovered assist close to the $200 zone, beating Bitcoin and Ethereum. SOL climbed above the $205 stage to enter a short-term optimistic zone.

The value even smashed the $212 resistance. The bulls have been capable of push the worth above the $215 barrier. A high was fashioned at $218 and the worth is consolidating positive factors. There was a minor drop beneath the 23.6% Fib retracement stage of the upward transfer from the $199 swing low to the $217 high.

Solana is now buying and selling above $210 and the 100-hourly easy transferring common. There can be a bullish development line forming with assist at $212 on the hourly chart of the SOL/USD pair.

On the upside, the worth is dealing with resistance close to the $218 stage. The subsequent main resistance is close to the $220 stage. The primary resistance could possibly be $232. A profitable shut above the $232 resistance zone may set the tempo for one more regular improve. The subsequent key resistance is $244. Any extra positive factors would possibly ship the worth towards the $250 stage.

Downside Correction In SOL?

If SOL fails to rise above the $218 resistance, it may begin one other decline. Initial assist on the draw back is close to the $212 zone. The first main assist is close to the $208 stage or the 50% Fib retracement stage of the upward transfer from the $199 swing low to the $217 high.

A break beneath the $208 stage would possibly ship the worth towards the $204 assist zone. If there’s a shut beneath the $204 assist, the worth may decline towards the $200 assist 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 Strength Index) – The RSI for SOL/USD is above the 50 stage.

Major Support Levels – $212 and $208.

Major Resistance Levels – $218 and $220.

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