Solana Gains Momentum Above $240
Solana (SOL) has initiated another upward trend, stabilizing above $220 against the US dollar. Currently, it is consolidating gains below the $255 resistance level, a key area that could pave the way for further growth.
SOL’s price remains below $255 and the 100-hour simple moving average.
A short-term bearish trend line with resistance at $252 is forming on the SOL/USD chart.
Clearing the $255 level could trigger a new bullish wave.
Solana's Price Poised for Further Upside
Solana established a support base around $232 and began climbing, outperforming Bitcoin and Ethereum. The price broke through key resistance levels at $245 and $250, even reaching a high of $260 before starting to consolidate.
After hitting a peak at $264, the price dipped below $260 and $255. It also fell below the 50% Fibonacci retracement level of the upward move from the $230 swing low to the $264 high.
However, bulls are actively defending the $242 support level, which aligns with the 61.8% Fibonacci retracement of the same move. SOL is currently trading below $255 and the 100-hour simple moving average.
A short-term bearish trend line with resistance at $252 can be seen on the hourly chart. Key resistance levels remain at $255 and $265. A successful close above $265 could set the stage for further gains, with the next targets at $275 and $282.
Limited Downside Risks?
If SOL fails to clear the $255 resistance, it could correct lower. Initial support lies around $246, with a stronger support level near $242.
A break below $242 could push the price toward $238.
Closing below $238 might open the door for a drop toward the $230 support zone.
Technical Indicators
Hourly MACD: Gaining momentum in the bullish zone.
Hourly RSI: Above 50, indicating a bullish trend.
Key Support Levels: $246 and $242.
Key Resistance Levels: $255, $260, and potentially $275.
The SOL rally is still underway, but breaking through key resistance levels will determine its next direction.
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