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Solana (SOL) Moves Higher – Bulls Target Next Big Level as Volume Builds

Solana began a recent enhance above the $245 zone. SOL value is now correcting some good points and would possibly discover bids close to $242 or $240.

  • SOL value began a recent upward transfer above the $242 and $245 ranges towards the US Dollar.
  • The value is now buying and selling above $240 and the 100-hourly easy shifting common.
  • There was a break above a key bearish development line with resistance at $240 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The pair might prolong losses if it dips beneath the $240 zone.

Solana Price Corrects Some Gains

Solana value began a good enhance after it settled above the $232 zone, beating Bitcoin and Ethereum. SOL climbed above the $240 stage to enter a short-term optimistic zone.

There was a break above a key bearish development line with resistance at $240 on the hourly chart of the SOL/USD pair. The value even smashed the $245 resistance. The bulls had been in a position to push the worth above the $250 barrier. A high was fashioned close to $253 and the worth just lately corrected some good points.

There was a transfer beneath the 23.6% Fib retracement stage of the upward wave from the $232 swing low to the $253 high. However, the bulls had been lively above $242.

Solana is now buying and selling above $242 and the 100-hourly easy shifting common. On the upside, the worth is dealing with resistance close to the $248 stage. The subsequent main resistance is close to the $254 stage. The principal resistance could possibly be $255. A profitable shut above the $255 resistance zone might set the tempo for one more regular enhance. The subsequent key resistance is $268. Any extra good points would possibly ship the worth towards the $272 stage.

More Losses In SOL?

If SOL fails to rise above the $248 resistance, it might begin one other decline. Initial help on the draw back is close to the $242 zone and the 50% Fib retracement stage of the upward wave from the $232 swing low to the $253 high. The first main help is close to the $240 stage.

A break beneath the $240 stage would possibly ship the worth towards the $232 help zone. If there’s a shut beneath the $232 help, the worth might decline towards the $220 help within the close to time period.

Technical Indicators

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

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

Major Support Levels – $242 and $240.

Major Resistance Levels – $248 and $255.

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