Jakarta, Pintu News – Solana (SOL) has recently started a significant rise, breaking through the $212 zone. Currently, Solana (SOL) price is consolidating above $210 and seems to be trying to break even higher.
After finding strong support near the $200 zone, Solana (SOL) price started to increase, outperforming Bitcoin (BTC) and Ethereum (ETH). This rise took Solana (SOL) past the $205 level, entering the short-term positive zone. The price even managed to break the $212 and $215 resistances. The price peak was recorded at $218 before starting to consolidate.
There was a small drop below the 23.6% Fibonacci retracement level of the upside move from $199 to $217. Currently, Solana (SOL) is trading above $210 and the 100-hourly simple moving average. There is also a bullish trend line formed with support at $212 on the hourly chart of the SOL/USD pair.
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On the upside, Solana (SOL) faces resistance near $218. The next major resistance is near $220, with key resistance at $232. A successful close above the $232 resistance zone could trigger a steady rise.
The next key resistance is $244, and a further rise could push the price towards the $250 level. If Solana (SOL) manages to break this resistance, it would be a strong indication that the bulls still have full control of the market and will probably continue to push the price higher.
If Solana (SOL) fails to break the $218 resistance, the price may decline. Initial support lies in the $212 zone. The first major support is near the $208 level or the 50% Fibonacci retracement level of the upside move from $199 to $217.
A break below the $208 level could push the price towards the $204 support zone. If the price closes below the $204 support, Solana (SOL) could drop towards the $200 support in the short term.
The hourly MACD for SOL/USD is firming up in the bullish zone, indicating positive momentum that might continue. Meanwhile, the hourly Relative Strength Index (RSI) for SOL/USD is above the 50 level, indicating strength on the buyers’ side.
With this technical support, the opportunity for further upside seems quite strong, although it remains important to monitor the mentioned support and resistance levels in anticipation of possible price movements.
With strong support and favorable indicators, Solana (SOL) seems to be on the right track to continue its upward trend. Investors and traders should pay attention to key resistance and support levels to make informed trading decisions.
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