|

Solana (SOL) Holds Recent Gains – Key Levels Before Another Surge

Solana began a recent enhance above the $240 zone. SOL worth is now consolidating good points beneath $240 and would possibly goal for an additional enhance if it stays above $230.

  • SOL worth began a recent upward transfer above the $240 and $242 ranges towards the US Dollar.
  • The worth is now buying and selling beneath $240 and the 100-hourly easy transferring common.
  • There is a key bearish pattern line forming with resistance at $238 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The pair might lengthen losses if it dips beneath the $230 zone.

Solana Price Consolidates Gains

Solana worth began an honest enhance after it settled above the $220 zone, beating Bitcoin and Ethereum. SOL climbed above the $235 stage to enter a short-term constructive zone.

The worth even smashed the $242 resistance. The bulls had been in a position to push the worth above the $245 barrier. A high was shaped at $250 and the worth just lately began a draw back correction. There was a transfer beneath the 23.6% Fib retracement stage of the upward wave from the $200 swing low to the $250 high.

However, the bulls had been energetic above $230. Solana is now buying and selling beneath $240 and the 100-hourly easy transferring common. On the upside, the worth is going through resistance close to the $238 stage. Besides, there’s a key bearish pattern line forming with resistance at $238 on the hourly chart of the SOL/USD pair.

The subsequent main resistance is close to the $242 stage. The major resistance might be $250. A profitable shut above the $250 resistance zone might set the tempo for an additional regular enhance. The subsequent key resistance is $262. Any extra good points would possibly ship the worth towards the $280 stage.

More Downside In SOL?

If SOL fails to rise above the $238 resistance, it might begin one other decline. Initial assist on the draw back is close to the $232 zone. The first main assist is close to the $229 stage or the 50% Fib retracement stage of the upward wave from the $200 swing low to the $250 high.

A break beneath the $229 stage would possibly ship the worth towards the $220 assist zone. If there’s a shut beneath the $220 assist, the worth might decline towards the $212 assist within the close to time period.

Technical Indicators

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

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

Major Support Levels – $229 and $220.

Major Resistance Levels – $238 and $250.

Similar Posts