Solana has started to show renewed strength following a rise from the $220 zone. The SOL price is trading above $240 and is attempting to break through the $250 resistance level for a sustained upward momentum. This positive shift occurred after the price stabilized above the $225 mark against the USD.
The increase has seen Solana surpass key resistance levels, with a notable break over a bearish trend line at $240. It is now trading well above the 100-hour simple moving average.
Currently, the price is facing slight resistance around $244, aligning with the 61.8% Fib retracement level from a previous $256 to $221 decline. If the price successfully closes above the critical $250 level, further gains toward $265 and potentially $278 could follow.
In the event of not surpassing the $248 resistance, the price might descend towards initial support at $240. If breached, it could dip further towards key support levels at $232 and $230. A sustained move below these could revert the price back to $220 in the short term.
Technical indicators point to a bullish momentum, with the hourly MACD gaining and RSI remaining above 50, supporting the upward trajectory.
Kaynak: www.newsbtc.com ↗