Solana is gaining bullish momentum above $200. SOL value remains to be exhibiting constructive indicators, and it might even surpass the $220 resistance within the close to time period.
- SOL value gained bullish momentum and cleared the $200 resistance towards the US Dollar.
- The value is now buying and selling above $200 and the 100 easy transferring common (4 hours).
- There is a connecting bullish pattern line forming with help at $195 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
- The pair might proceed to rally if it clears the $205 and $212 resistance ranges.
Solana Price Extends Rally
Solana value remained sturdy above the $150 degree and prolonged its rally. There was a good improve above the $165 and $180 ranges.
The value is up practically 20% and there was a transfer above the $200 degree, outperforming Bitcoin and Ethereum. A brand new multi-month excessive was shaped close to $204, and the value is now consolidating positive factors. It is secure above the 23.6% Fib retracement degree of the upward transfer from the $142 swing low to the $204 excessive.
There can also be a connecting bullish pattern line forming with help at $195 on the 4-hour chart of the SOL/USD pair. Solana is now buying and selling above $200 and the 100 easy transferring common (4 hours).
Source: SOLUSD on TradingView.com
Immediate resistance is close to the $205 degree. The subsequent main resistance is close to the $212 degree. A profitable shut above the $212 resistance might set the tempo for one more main improve. The subsequent key resistance is close to $220. Any extra positive factors would possibly ship the value towards the $232 degree.
Are Dips Supported in SOL?
If SOL fails to rally above the $205 resistance, it might begin a draw back correction. Initial help on the draw back is close to the $195 degree and the pattern line.
The first main help is close to the $175 degree or the 50% Fib retracement degree of the upward transfer from the $142 swing low to the $204 excessive, under which the value might check $165. If there’s a shut under the $165 help, the value might decline towards the $150 help or the 100 easy transferring common (4 hours) within the close to time period.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 degree.
Major Support Levels – $19, and $175.
Major Resistance Levels – $205, $212, and $220.
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