Solana started a novel rally above the resistance at $240. SOL price has returned above $2,500 and may aim to rise above the $262 zone again.
- SOL price has started a novel rally above the $240 and $250 levels against the US dollar.
- The price is currently above $250 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 $245 (data source Kraken).
- The pair could start a novel rally if the bulls circle the $262 zone.
Solana price recovers $250
Solana price formed a base above $225 and started a decent upward move, similar to Bitcoin and Ethereum. SOL was able to climb above the $235 and $240 resistance levels.
On the hourly chart, the SOL/USD pair broke above the key bearish trend line with resistance at $245. The pair even broke through the 50% Fib retracement level in a downward move from a high of $272 to a low of $230.
Solana is currently trading above $250 and the 100-hour uncomplicated moving average. On the other hand, the price faces resistance near the $262 level or the 76.4% Fib retracement level as part of a downward move from the high of $272 to the low of $230.
The next major resistance is near the $272 level. The main resistance could be $280. A successful close above the $280 resistance zone could set the pace for further sustained growth. The next key resistance is $292. Any further gains could push the price towards the $300 level.
Another SOL decline?
If SOL fails to break above the resistance at $262, another decline could begin. Initial downside support is located near the $250 zone and the 100-hour uncomplicated moving average.
The first major support is near the $240 level. A break below the $240 level could push the price towards the $230 zone. If a close occurs below the $230 support, the price could drop towards the $215 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 – $250 and $240.
Major resistance levels – $262 and $272.
