Solana (SOL) Back on Track: Will the Uptrend Continue?

Solana started a fresh rally from the $215 zone. SOL price is rising and may aim to move above the $240 and $250 resistance levels.

The SOL price has started a fresh rally after stabilizing above the $222 level against the US dollar.
The price is currently above $230 and the 100-hour straightforward moving average.
On the hourly chart, the SOL/USD pair broke above the key bearish trend line with resistance at $232 (data source Kraken).
The pair could start a fresh rally if the bulls circle the $240 zone.

Solana Price looks at the fresh tide

Solana price has formed a support base and started a fresh rally above the $220 level, similar to Bitcoin and Ethereum. There has been a decent rally above the $225 and $230 resistance levels.

There has been a move above the 50% Fib retracement level, which is a move down from the high of $246 to the low of $215. Additionally, there was a break above the key bearish trend line with resistance at $232 on the hourly chart of the SOL/USD pair.

Solana is currently trading above $235 and the 100-hour straightforward moving average. On the other hand, the price faces resistance near the $240 level or the 76.4% Fib retracement level as part of a downward move from the high of $246 to the low of $215.

The next major resistance is near the $246 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 $280 level.

Another SOL decline?

If SOL fails to break above the resistance at $240, another decline could begin. Initial downside support is near the $230 level or the 100-hour straightforward moving average. The first major support is near the $220 level.

A break below the $220 level could push the price towards the $215 zone. If a close occurs below the $215 support, the price may drop towards the $200 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 – $230 and $220.

Major resistance levels – $240 and $250.