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Solana (SOL) Stays Strong – Can Bulls Fuel the Next Breakout?

Solana began a contemporary improve above the $215 zone. SOL worth is now consolidating above $212 and may purpose for extra good points above the $220 zone.

  • SOL worth began a contemporary upward transfer above the $205 and $212 ranges in opposition to the US Dollar.
  • The worth is now buying and selling above $212 and the 100-hourly easy transferring common.
  • There is a bullish pattern line forming with assist at $216 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The pair might lengthen good points if it clears the $220 resistance zone.

Solana Price Eyes Upside Break

Solana worth began an honest improve after it discovered assist close to the $202 zone, beating Bitcoin and Ethereum. SOL climbed above the $208 stage to enter a short-term constructive zone.

The worth even smashed the $215 resistance. The bulls have been capable of push the worth above the $218 barrier. A high was fashioned at $220 and the worth is consolidating good points above the 23.6% Fib retracement stage of the upward transfer from the $199 swing low to the $220 high.

Solana is now buying and selling above $212 and the 100-hourly easy transferring common. There can also be a bullish pattern line forming with assist at $216 on the hourly chart of the SOL/USD pair.

On the upside, the worth is dealing with resistance close to the $220 stage. The subsequent main resistance is close to the $228 stage. The foremost resistance may very well be $232. A profitable shut above the $232 resistance zone might set the tempo for one more regular improve. The subsequent key resistance is $244. Any extra good points may ship the worth towards the $250 stage.

Downside Correction In SOL?

If SOL fails to rise above the $220 resistance, it might begin one other decline. Initial assist on the draw back is close to the $216 zone and the pattern line. The first main assist is close to the $210 stage or the 50% Fib retracement stage of the upward transfer from the $199 swing low to the $220 high.

A break under the $210 stage may ship the worth towards the $202 assist zone. If there’s a shut under the $202 assist, the worth might decline towards the $195 assist in the close to time period.

Technical Indicators

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

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

Major Support Levels – $216 and $210.

Major Resistance Levels – $220 and $232.

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