Solana has started a recent rally above the $220 zone. SOL price is consolidating gains and may aim to break above the resistance at $250.
- The SOL price has started a recent rally after stabilizing above the $200 level against the US dollar.
- The price is currently above $225 and the 100-hour straightforward moving average.
- A connecting bullish trendline is forming on the hourly chart of the SOL/USD pair with support at $237 (data source from Kraken).
- The pair could start a recent rally if the bulls circle the $250 zone.
Solana Price has more advantages
Solana price formed a support base and started a recent rally above the $220 level, beating out Bitcoin and Ethereum. There has been a sturdy move above the $225 and $240 resistance levels.
The price even exceeded the level of $245. The maximum was formed at $248 and the price is currently consolidating its increases. There was a move below the $245 and $242 levels. The price fell below the 23.6% Fib retracement level, the result of an upward move from a low of $212 to a high of $248.
Solana is currently trading above $230 and the 100-hour straightforward moving average. A connecting bullish trend line is also forming on the hourly chart of SOL/USD with support at $237.
On the other hand, the price is facing resistance near the $245 level. 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 $282 level.
Are drops supported in SOL?
If SOL fails to break above the resistance at $245, it may continue to decline. Initial downside support is located near the $237 level and the trend line. The first major support is located near the $230 level or the 50% Fib retracement level in an upward move from a low at $212 to a high at $248.
A break below the $230 level could push the price towards the $220 zone. If a close occurs below the $220 support, the price may fall towards the $212 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.
Major support levels – $237 and $230.
Major resistance levels – $245 and $250.
