Solana is gaining bullish momentum above $200. SOL value continues to be displaying optimistic indicators, and it may even surpass the $220 resistance within the close to time period.
- SOL value gained bullish momentum and cleared the $200 resistance towards 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 help at $195 on the 4-hour chart of the SOL/USD pair (knowledge supply from Kraken).
- The pair may proceed to rally if it clears the $205 and $212 resistance ranges.
Solana Value Extends Rally
Solana value remained robust above the $150 stage and prolonged its rally. There was an honest enhance above the $165 and $180 ranges.
The worth is up almost 20% and there was a transfer above the $200 stage, 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 stage of the upward transfer from the $142 swing low to the $204 excessive.
There’s additionally a connecting bullish development line forming with help 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 stage. The following main resistance is close to the $212 stage. A profitable shut above the $212 resistance may set the tempo for one more main enhance. The following key resistance is close to $220. Any extra positive factors may ship the worth towards the $232 stage.
Are Dips Supported in SOL?
If SOL fails to rally above the $205 resistance, it may begin a draw back correction. Preliminary help on the draw back is close to the $195 stage and the development line.
The primary main help is close to the $175 stage or the 50% Fib retracement stage of the upward transfer from the $142 swing low to the $204 excessive, under which the worth may take a look at $165. If there’s a shut under the $165 help, the worth may decline towards the $150 help 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 Energy Index) – The RSI for SOL/USD is above the 50 stage.
Main Assist Ranges – $19, and $175.
Main Resistance Ranges – $205, $212, and $220.
Disclaimer: The article is supplied for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding choices. Use data supplied on this web site completely at your individual danger.
