Solana began a recent improve above the $215 zone. SOL value is now consolidating above $212 and may goal for extra positive factors 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 lengthen positive factors if it clears the $220 resistance zone.
Solana Value Eyes Upside Break
Solana value began a good improve after it discovered help close to the $202 zone, beating Bitcoin and Ethereum. SOL climbed above the $208 degree 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 fashioned at $220 and the worth is consolidating positive factors above the 23.6% Fib retracement degree 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 degree. The subsequent main resistance is close to the $228 degree. The primary resistance could possibly 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 factors may ship the worth towards the $250 degree.
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 degree or the 50% Fib retracement degree of the upward transfer from the $199 swing low to the $220 excessive.
A break under the $210 degree may 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 Energy Index) – The RSI for SOL/USD is above the 50 degree.
Main Assist Ranges – $216 and $210.
Main Resistance Ranges – $220 and $232.
