Solana (SOL) Could Soon Rally Past $250—Are Bulls in Control?

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As a seasoned analyst with years of experience in the crypto market, I see Solana’s price action as a promising sign. The fresh increase above the $220 level is a significant step, particularly considering it outperformed both Bitcoin and Ethereum.

Solana has recently surged past the $220 mark, and its current price is holding steady as it accumulates gains. It may soon attempt to break through the resistance at $250.

  • SOL price started a fresh increase after it settled above the $200 level against the US Dollar.
  • The price is now trading above $225 and the 100-hourly simple moving average.
  • There is a connecting bullish trend line forming with support at $237 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 More Upsides

The cost of Solana has established a solid foundation, initiating a new growth spurt surpassing the $220 mark, outperforming both Bitcoin and Ethereum. A robust surge was observed, breaking through the resistance at $225 and $240 levels.

The cost surpassed the $245 mark, peaked at $248, and is currently holding steady as it builds on its gains. There was a drop below both the $245 and $242 price points. The value also fell beneath the 23.6% Fibonacci retracement line of the upward trend from the $212 low to the $248 high.

Currently, Solana’s price is over $230 and it’s above its 100-hour moving average. Additionally, a rising bullish trendline is emerging on the hourly SOL/USD chart, offering support at approximately $237.

Looking on the positive side, the price is encountering resistance at around $245. Further significant resistance can be found near $248, with potential resistance at $250. If the price manages to close above the $250 resistance, it could pave the way for continued growth. The next crucial resistance lies at $265, and any further gains might push the price towards approximately $282.

Are Dips Supported in SOL?

If SOL doesn’t manage to break past the $245 barrier, there’s a possibility it might keep falling. The initial floor could be around $237, including the trend line. The primary support is estimated at $230 or the 50% Fibonacci retracement level of the upward journey from the $212 trough to the $248 peak.

If the price drops below $230, it could move towards the $220 region. Should we see a closing price below the current $220 support, there’s a possibility of the price falling further towards the nearby $212 support level 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 – $237 and $230.

Major Resistance Levels – $245 and $250.

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2024-11-19 08:10