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Solana (SOL) Shows Strength – Can The Bulls Maintain Control For Another Leg Up?

Solana began a contemporary enhance above the $188 zone. SOL value is now consolidating above $200 and would possibly intention for extra features above the $208 zone.

  • SOL value began a contemporary upward transfer above the $185 and $188 ranges in opposition to the US Dollar.
  • The value is now buying and selling above $200 and the 100-hourly easy shifting common.
  • There is a bullish pattern line forming with help at $199 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The pair may lengthen features if it clears the $208 resistance zone.

Solana Price Jumps Further Above $200

Solana value began an honest enhance after it settled above the $172 zone, beating Bitcoin and Ethereum. SOL climbed above the $180 stage to enter a short-term optimistic zone.

The value even smashed the $188 resistance. The bulls have been capable of push the value above the 61.8% Fib retracement stage of the primary drop from the $225 swing high to the $155 low. Besides, there’s a bullish pattern line forming with help at $199 on the hourly chart of the SOL/USD pair.

Solana is now buying and selling above $202 and the 100-hourly easy shifting common. On the upside, the value is dealing with resistance close to the $208 stage and the 76.4% Fib retracement stage of the primary drop from the $225 swing high to the $155 low. The subsequent main resistance is close to the $218 stage.

The principal resistance could possibly be $225. A profitable shut above the $225 resistance zone may set the tempo for one more regular enhance. The subsequent key resistance is $242. Any extra features would possibly ship the value towards the $250 stage.

Another Pullback In SOL?

If SOL fails to rise above the $208 resistance, it may begin one other decline. Initial help on the draw back is close to the $199 zone and the pattern line. The first main help is close to the $195 stage.

A break beneath the $195 stage would possibly ship the value towards the $190 help zone. If there’s a shut beneath the $190 help, the value may decline towards the $180 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 – $199 and $190.

Major Resistance Levels – $208 and $218.

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