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Home»Analysis»Solana (SOL) back on track: will the uptrend continue?
Analysis

Solana (SOL) back on track: will the uptrend continue?

2024-12-04No Comments2 Mins Read
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Solana started a new increase from the $215 zone. SOL price is rising and could aim for a move above the USD 240 and USD 250 resistance levels.

  • The SOL price started to rise again after settling above the $222 level against the US dollar.
  • The price is now trading above $230 and the 100-hour moving average.
  • There was a break above a key bearish trendline with resistance at $232 on the hourly chart of the SOL/USD pair (Kraken data source).
  • The pair could start a new rise if the bulls cross the $240 zone.

Solana Price looks fresh

Solana price formed a support base and started a new increase above the $220 level, just like Bitcoin and Ethereum. There was a decent rise above the USD 225 and USD 230 resistance levels.

There was a move above the 50% Fib retracement level of the downward move from the $246 swing high to the $215 low. Additionally, there was a break above a key bearish trendline with resistance at $232 on the hourly chart of the SOL/USD pair.

Solana is now trading above $235 and the 100-hour moving average. On the upside, the price is facing resistance near the $240 level or the 76.4% Fib retracement level of the downward move from the $246 swing high to the $215 low.

Solana Price

The next major resistance is around the $246 level. The main resistance could be at USD 250. A successful close above the $250 resistance level could set the pace for another steady rise. The next major resistance is $265. Any further gains could send the price towards the USD 280 level.

See also  OpenSea NFT volumes have given way to Solana and Bitcoin platforms

Another drop in the SOL?

If SOL fails to rise above the $240 resistance, it could trigger another decline. The initial downside support is near the $230 level or the 100-hour moving average. The first major support is near the $220 level.

A break below the USD 220 level could send the price towards the USD 215 zone. If there is a close below the $215 support, the price could fall towards the $200 support in the near term.

Technical indicators

Hourly MACD – The MACD for SOL/USD is gaining speed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major support levels – USD 230 and USD 220.

Major resistance levels – $240 and $250.

Source link

continue SOL Solana track Uptrend
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