Solana (SOL) Momentum Builds: $250 could be just the beginning

Solana started a modern rally from the $220 zone. SOL price is rising and heading for a sustained upward move above the resistance at $250.

The SOL price has started a modern rally after stabilizing above the $225 level against the US dollar.
The price is currently above $240 and the 100-hour uncomplicated moving average.
On the hourly chart, the SOL/USD pair broke above the key bearish trend line with resistance at $240 (data source Kraken).
The pair could start a modern rally if the bulls circle the $250 zone.

Solana’s price is counting on sustainable growth

Solana price has formed a support base and started a modern rally above the $225 level, similar to Bitcoin and Ethereum. There has been a decent rally above the $230 and $232 resistance levels.

There has been a move above the 50% Fib retracement level, which is a move down from the high of $256 to the low of $221. Additionally, there was a break above the 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-hour uncomplicated moving average. On the other hand, the price faces resistance near the $244 level or the 61.8% Fib retracement level as part of a downward move from a high of $256 to a low of $221.

The next major resistance is near the $248 level. The main resistance could be $250. A successful close above the $250 resistance level could set the pace for further sustained growth. The next key resistance is $265. Any further gains could push the price towards the $278 level.

Are drops supported in SOL?

If SOL fails to break above the resistance at $248, it could start a downside correction. Initial downside support is near the $240 level or the 100-hour uncomplicated moving average. The first major support is located near the $232 level.

A break below the $232 level could push the price towards the $230 zone. If a close occurs below the $230 support, the price could drop towards the $220 support in the near future.

Technical indicators

Hourly MACD – MACD for SOL/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Main support levels – $240 and $232.

Major resistance levels – $248 and $250.