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Solana (SOL) Spikes Higher – Bulls Tighten Grip As Market Heats Up Again

Solana discovered assist close to the $205 zone. SOL value is now consolidating beneficial properties above $220 and may quickly purpose for extra beneficial properties above $232.

  • SOL value began a recent enhance above $215 and $220 in opposition to the US Dollar.
  • The value is now buying and selling above $225 and the 100-hourly easy transferring common.
  • There is a connecting bullish development line forming with assist at $227 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The value may begin one other enhance if the bulls clear $235 and $242.

Solana Price Aims Higher

Solana value remained supported above the $215 pivot stage and prolonged beneficial properties, like Bitcoin and Ethereum. SOL climbed above the $220 and $225 resistance ranges.

The value even spiked above $235 earlier than there was a pullback. The value dipped beneath $232 and examined $228. It is once more rising and buying and selling close to the 50% Fib retracement stage of the latest decline from the $237 swing high to the $227 low.

Solana is now buying and selling above $225 and the 100-hourly easy transferring common. Besides, there’s a connecting bullish development line forming with assist at $227 on the hourly chart of the SOL/USD pair.

If there are extra beneficial properties, the worth may face resistance close to the $234 stage or the 61.8% Fib retracement stage of the latest decline from the $237 swing high to the $227 low. The subsequent main resistance is close to the $238 stage. The important resistance could possibly be $242.

A profitable shut above the $242 resistance zone may set the tempo for an additional regular enhance. The subsequent key resistance is $250. Any extra beneficial properties may ship the worth towards the $255 stage.

Another Drop In SOL?

If SOL fails to rise above the $237 resistance, it may proceed to maneuver down. Initial assist on the draw back is close to the $227 zone and the development line. The first main assist is close to the $225 stage.

A break beneath the $225 stage may ship the worth towards the $220 assist zone. If there’s a shut beneath the $220 assist, the worth may decline towards the $212 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 – $225 and $220.

Major Resistance Levels – $237 and $242.

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