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Solana (SOL) Pushes Higher – Is More Upside Still Ahead?

Solana began a contemporary enhance above the $220 zone. SOL value is now consolidating above $215 and would possibly intention for extra features above the $225 zone.

  • SOL value began a contemporary upward transfer above the $212 and $215 ranges in opposition to the US Dollar.
  • The value is now buying and selling above $215 and the 100-hourly easy transferring common.
  • There is a bullish pattern line forming with help at $222 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The pair might lengthen features if it clears the $225 resistance zone.

Solana Price Eyes More Gains

Solana value began a good enhance after it discovered help close to the $205 zone, beating Bitcoin and Ethereum. SOL climbed above the $212 stage to enter a short-term optimistic zone.

The value even smashed the $218 resistance. The bulls have been capable of push the value above the $220 barrier. A high was shaped at $226 and the value is consolidating features above the 23.6% Fib retracement stage of the upward transfer from the $199 swing low to the $226 high.

Solana is now buying and selling above $215 and the 100-hourly easy transferring common. There can be a bullish pattern line forming with help at $222 on the hourly chart of the SOL/USD pair.

On the upside, the value is going through resistance close to the $225 stage. The subsequent main resistance is close to the $232 stage. The principal resistance might be $235. A profitable shut above the $235 resistance zone might set the tempo for an additional regular enhance. The subsequent key resistance is $245. Any extra features would possibly ship the value towards the $250 stage.

Downside Correction In SOL?

If SOL fails to rise above the $225 resistance, it might begin one other decline. Initial help on the draw back is close to the $222 zone and the pattern line. The first main help is close to the $212 stage or the 50% Fib retracement stage of the upward transfer from the $199 swing low to the $226 high.

A break beneath the $212 stage would possibly ship the value towards the $205 help zone. If there’s a shut beneath the $205 help, the value might decline towards the $200 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 Strength Index) – The RSI for SOL/USD is above the 50 stage.

Major Support Levels – $222 and $212.

Major Resistance Levels – $225 and $235.

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