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⚡️Solana (SOL) is gaining momentum: $250 may just be the beginning.
Solana starts a new pump from the $220 area. The SOL price is pumping and is expected to continue pumping above the $250 resistance level.
After the SOL price stabilized above $225, a new round of pump started.
The current price is above $240 and the 100-hour simple moving average.
On the hourly chart of SOL/USD, it broke through the key bearish trendline, with the resistance level at $240.
If longs break through the $250 region, the currency pair may start a new round of pump.
☀️Solana prices are expected to continue pumping
Solana price has formed a support base and is beginning to break through the $225 level, similar to BTC and ETH. There is a considerable upside above the $230 and $232 resistance levels.
The price broke through the 50% Fibonacci retracement level from a high point of $256 to a low point of $221. In addition, on the hourly chart of SOL/USD, the price broke through the key falling trend line, with the resistance level at $240.
Solana's current trading price is above $240 and the 100-hour simple moving average. On the upside, the price faces resistance near $244, which is the 61.8% Fibonacci retracement level of the downtrend from the high of $256 to the low of $221.
The next major resistance level is around $248. The main resistance level may be $250. Successfully closing above the $250 resistance level may lay the foundation for another steady pump. The next key resistance level is $265. If there is another pump, the price may fall to $278.
🌊SOL Does it support Dips?
If SOL fails to break the resistance level of $248, it may start a downward correction. The initial support level on the downside is near $240 or near the 100-hour simple moving average. The first major support level is near $232.
The fall below the level of $232 may cause the price to fall towards the $230 area. If the Closing Price is below the support level of $230, the price may fall towards the support level of $220 in the short term.
📊technical indicator
The MACD of SOL/USD is accelerating in the bullish zone on an hourly basis.
The hourly RSI (Relative Strength Index) of SOL/USD is above the 50 level.
Main support levels - $240 and $232.
Key resistance levels - $248 and $250.
(tv-NewsBTC)