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

Bitcoin

Ethereum

Solana

NewsBTCNov 19, 2024 5:48 AM

Solana started a fresh increase above the $220 zone. SOL price is consolidating gains and might aim for an upside break above the $250 resistance.

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

Solana price formed a support base and started a fresh increase above the $220 level beating Bitcoin and Ethereum. There was a strong move above the $225 and $240 resistance levels.

The price even cleared the $245 level. A high was formed at $248 and the price is now consolidating gains. There was a move below the $245 and $242 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $212 swing low to the $248 high.

Solana is now trading above $230 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $237 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near the $245 level. The next major resistance is near the $248 level. The main resistance could be $250. A successful close above the $250 resistance level could set the pace for another steady increase. The next key resistance is $265. Any more gains might send the price toward the $282 level.

Are Dips Supported in SOL?

If SOL fails to rise above the $245 resistance, it could continue to move down. Initial support on the downside is near the $237 level and the trend line. The first major support is near the $230 level or the 50% Fib retracement level of the upward move from the $212 swing low to the $248 high.

A break below the $230 level might send the price toward the $220 zone. If there is a close below the $220 support, the price could decline toward the $212 support in the near 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.

Reviewed byTony

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