š„š„š„ Solana ($SOL ) Targets $250 as Bullish Momentum Gains Strength
#SolanaPrice Targets $250 as Bulls Maintain Momentum
- Solana (SOL) continues its upward momentum, consolidating gains above the $230 mark and positioning for a potential breakout above the critical $250 resistance level.
Key Highlights
1. SOL surged after establishing support above $220 against the US Dollar.
2. The price is now trading at $243, above the 100-hour simple moving average (SMA).
3. A bullish trend line with support at $237 is forming on the hourly chart (data source: Kraken).
4. Clearing the $250 resistance could trigger a significant upward movement.
Solana Price Outlook
- After finding support, Solana rose past the $220 level, outperforming #bitcoināļø and Ethereum. It successfully broke through resistance levels at $225 and $240, recently hitting a high of $248 before stabilizing.
- Currently, SOL trades at $243 and is well-supported by the 100-hour SMA. Immediate resistance is at $245, followed by $248. The primary resistance lies at $250.
- A sustained close above $250 could open the door for further gains, with the next resistance target at $265. If the rally continues, SOL could aim for $282 as an extended target.
Are Dips Supported?
If SOL struggles to break above the $245 resistance, it may see a pullback. Key support levels to watch:
- $237: Aligns with the bullish trend line.
- $230: Corresponds to the 50% Fibonacci retracement of the $220-$248 upswing.
A break below $230 could lead to a drop toward the $220 zone. Sustained selling pressure below $220 may push the price to retest the $212 support.
Technical Indicators
- Hourly #MACD : Shows increasing bullish momentum for SOL/USD.
- Hourly RSI: Positioned above 50, signaling continued strength in the uptrend.
- Support Levels: $237, $230.
- Resistance Levels: $245, $250, $265.
