Solana is gaining bullish momentum above $200. SOL worth continues to be displaying constructive indicators, and it might even surpass the $220 resistance within the close to time period.
- SOL worth gained bullish momentum and cleared the $200 resistance in opposition to the US Greenback.
- The worth is now buying and selling above $200 and the 100 easy transferring common (4 hours).
- There’s a connecting bullish development line forming with assist at $195 on the 4-hour chart of the SOL/USD pair (knowledge supply from Kraken).
- The pair might proceed to rally if it clears the $205 and $212 resistance ranges.
Solana Worth Extends Rally
Solana worth remained sturdy above the $150 degree and prolonged its rally. There was a good improve above the $165 and $180 ranges.
The worth is up almost 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 worth is now consolidating positive factors. It’s secure above the 23.6% Fib retracement degree of the upward transfer from the $142 swing low to the $204 excessive.
There may be additionally a connecting bullish development line forming with assist 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).
Supply: SOLUSD on TradingView.com
Quick 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 worth 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. Preliminary assist on the draw back is close to the $195 degree and the development line.
The primary main assist 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 worth might check $165. If there’s a shut under the $165 assist, the worth might decline towards the $150 assist 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 Power Index) – The RSI for SOL/USD is above the 50 degree.
Main Help Ranges – $19, and $175.
Main Resistance Ranges – $205, $212, and $220.
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