Solana started a fresh increase from the $220 area. SOL price is rising and it is expected to continue rising above the $250 resistance.
SOL price started a fresh increase after it stabilized above $225 against the US Dollar.
The price is currently above $240 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance at $240 on the hourly chart of the SOL/USD pair.
If the bulls break out of the $250 area, the pair could start a fresh increase.
Solana Price Expected to Continue Rising
Solana price formed a support base and started a fresh increase above $225 like bitcoin and Ethereum. There was a considerable increase above the $230 and $232 resistance levels.
The price broke the 50% Fibonacci retracement level of the downward move from the $256 high to $221 low. Moreover, the price broke a key bearish trend line with resistance at $240 on the hourly chart of the SOL/USD pair.
Solana is currently trading above $240 and the 100 hourly simple moving average. On the upside, the price is facing resistance near $244, which is the 61.8% Fibonacci retracement level of the downward move from the $256 high to $221 low.
The next major resistance is near the $248 level. The main resistance could be at $250. A successful close above the $250 resistance could set the stage for another steady rise. The next key resistance is $265. If there are further gains, the price could drop to $278.
Will SOL continue to fall?
If SOL fails to clear the $248 resistance, it could start a downside correction. An initial support on the downside is near the $240 level or the 100 hourly simple moving average. The first major support is near the $232 level.
A break below the $232 level could lead the price towards the $230 area. If there is a close below the $230 support, the price could drop towards the $220 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $240 and $232.
Major Resistance Levels – $248 and $250.
