As a seasoned analyst with years of experience navigating the crypto market, I can confidently say that Solana’s price is showing strong signs of a sustained increase. The break above the $240 mark and the 100-hourly SMA, coupled with a breach of the bearish trend line, suggests a bullish momentum that could potentially push the price towards the $278 level.
Solana has begun a new surge, originating from the $220 region. The SOL price is climbing and attempting to sustain an uptrend beyond the $250 resistance level.
- SOL price started a fresh increase after it settled above the $225 level against the US Dollar.
- The price is now trading above $240 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $240 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $250 zone.
Solana Price Eyes Sustained Increase
The cost of Solana has established a strong foundation and commenced a new growth spurt beyond the $225 mark, similar to both Bitcoin and Ethereum. Notably, there was a substantial surge past the resistance at $230 and $232.
In simpler terms, we saw a price increase that surpassed the 50% Fibonacci retracement point from the peak at $256 to the low at $221. Additionally, there was a breakthrough of a significant bearish trendline with a resistance level at $240 on the hourly chart for Solana (SOL) against the US Dollar.
As a researcher, I’m observing that Solana’s current trading price hovers above $240 and is aligned with its 100-hour moving average. On the upward trajectory, the price seems to encounter resistance around the $244 mark or at the 61.8% Fibonacci retracement level of the downward trend from the peak of $256 to the trough of $221.
Moving forward, significant obstacles to further growth are anticipated around the $248 and potentially $250 mark. If we manage to surpass $250 successfully, it could pave the way for a continued upward trend, perhaps leading us towards $265. Further advancements might push the price upwards toward the $278 area.
Are Dips Supported in SOL?
Should SOL not surpass the $248 barrier, there might be a reversal leading to a possible decline. A potential floor for this descent could be around $240, which is also close to the 100-hour moving average, or at the $232 mark, representing the initial substantial support level.
Dropping below the $232 mark could potentially push the price down towards the $230 area. Should there be a closing point beneath the $230 resistance, it’s possible that the price might fall towards the $220 support in the short term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $240 and $232.
Major Resistance Levels – $248 and $250.
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2024-11-29 08:10