Solana started a fresh increase above the $240 resistance. SOL price is back above $2,500 and could aim for a fresh rise above the $262 zone.
- SOL price started a fresh increase above the $240 and $250 levels against the US Dollar.
- The price is currently above $250 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $245 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 $262 zone.
Solana price recovers around $250
Solana price formed a base above $225 and, like Bitcoin and Ethereum, started a decent uptrend. SOL managed to climb above the $235 and $240 resistance levels.
There was a break above a key bearish trend line with resistance at $245 on the hourly chart of the SOL/USD pair. The pair even cleared the 50% Fib retracement level of the downward move from the swing high at $272 to the low at $230.
Solana is now trading above $250 and the 100 hourly simple moving average. On the other hand, the price is facing resistance near the $262 level or the 76.4% Fib retracement level of the downward move from the $272 high to $230 low.
The next major resistance is near the $272 level. The main resistance could be at $280. A successful close above the $280 resistance zone could lay the foundation for another steady increase. The next key resistance is at $292. Further gains could push the price towards the $300 level.
Another decline in SOL?
If SOL fails to rise above the $262 resistance, there could be another decline. The first support on the downside is near the $250 zone and the 100 hourly simple moving average.
The first major support is near the $240 level. A break below the $240 level could push the price towards the $230 zone. If the close is below the $230 support, the price could decline towards the $215 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key Support Levels – $250 and $240.
Major resistance levels – $262 and $272.
