Solana began a recent improve above the $215 zone. SOL value is now consolidating above $212 and would possibly purpose for extra positive aspects above the $220 zone.
SOL value began a recent upward transfer above the $205 and $212 ranges in opposition to the US Greenback.
The value is now buying and selling above $212 and the 100-hourly easy shifting common.
There’s a bullish development line forming with help at $216 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
The pair might prolong positive aspects if it clears the $220 resistance zone.
Solana Value Eyes Upside Break
Solana value began an honest improve after it discovered help close to the $202 zone, beating Bitcoin and Ethereum. SOL climbed above the $208 stage to enter a short-term constructive zone.
The value even smashed the $215 resistance. The bulls have been capable of push the worth above the $218 barrier. A excessive was shaped at $220 and the worth is consolidating positive aspects above the 23.6% Fib retracement stage of the upward transfer from the $199 swing low to the $220 excessive.
Solana is now buying and selling above $212 and the 100-hourly easy shifting common. There’s additionally a bullish development line forming with help at $216 on the hourly chart of the SOL/USD pair.
On the upside, the worth is dealing with resistance close to the $220 stage. The subsequent main resistance is close to the $228 stage. The primary resistance might be $232. A profitable shut above the $232 resistance zone might set the tempo for one more regular improve. The subsequent key resistance is $244. Any extra positive aspects would possibly ship the worth towards the $250 stage.
Draw back Correction In SOL?
If SOL fails to rise above the $220 resistance, it might begin one other decline. Preliminary help on the draw back is close to the $216 zone and the development line. The primary main help is close to the $210 stage or the 50% Fib retracement stage of the upward transfer from the $199 swing low to the $220 excessive.
A break under the $210 stage would possibly ship the worth towards the $202 help zone. If there’s a shut under the $202 help, the worth might decline towards the $195 help within the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.
Hourly Hours RSI (Relative Power Index) – The RSI for SOL/USD is above the 50 stage.
Main Help Ranges – $216 and $210.
Main Resistance Ranges – $220 and $232.
