Solana has seen a fresh surge above $220, with the price now consolidating its gains. It appears that the bulls may be in a position to break through the critical resistance at $250.
Solana Price Rises, Approaching $250
After stabilizing above the $200 level, Solana began another upward trend. The price is currently trading above $225 and the 100-hour simple moving average. On the hourly chart of the SOL/USD pair, a bullish trend line is forming with support near $237.
Solana’s price reached as high as $248, encountering resistance before consolidating. It experienced a slight pullback below the $245 and $242 levels, halting around the 23.6% Fib retracement level between the $212 swing low and the $248 high.
Can Solana Break the $250 Level?
The price is currently facing resistance at the $245 level. Another key resistance lies at $248, with the major hurdle at $250. If the bulls manage to clear this level, Solana could gain significant momentum, targeting $265 or even $282.
Are Dips in SOL Supported?
If Solana fails to break above the $245 resistance, it could move lower. The key support is around $237, aligned with the trend line. Another strong support is at $230, corresponding to the 50% Fib retracement level.
A break below $230 could push the price back to $220. If the price closes below this level, it might drop further toward the $212 support zone in the near term.
Technical Indicators
Hourly MACD: The MACD for the SOL/USD pair is gaining momentum in the bullish zone.
Hourly RSI: The RSI for SOL/USD remains above the 50 level, confirming bullish sentiment.
Key Support Levels: $237 and $230.
Key Resistance Levels: $245 and $250.
Summary: Solana is strongly supported by bulls and is well-positioned to break through the $250 mark. The key will be a sustained close above this level, which could pave the way for further growth toward $265 and beyond.
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