Solana has embarked on a notable upward trajectory, beginning its increase from the $220 range. The price movement indicates a strong push as Solana (SOL) aims to post a sustained advance beyond the $250 resistance level.
After settling above the $225 level against the US dollar, the price has now surpassed $240, also trading above the important 100-hourly simple moving average. This bullish momentum was aided by a significant break above a bearish trend line that had previously posed resistance at the $240 level on the hourly chart for the SOL/USD trading pair. If the bulls manage to overcome the $250 barrier, further increases in price may follow.
Currently, Solana ’s price action reflects a solid support foundation, advancing alongside the broader cryptocurrency market, including Bitcoin and Ethereum . The price rose decisively above resistance levels at $230 and $232. Additionally, it managed a breakout above the 50% Fibonacci retracement level, highlighting the shift from the recent $256 high to the $221 low. The resistance near the $244 level is also critical, coinciding with the 61.8% Fibonacci retracement of the same downward movement.
Looking ahead, the primary resistance zone after $250 is pegged at $265. Successful trading above $250 could pave the way for an additional rise towards the $278 level. However, should Solana struggle to maintain momentum above $248, a corrective pullback may be on the horizon. Initial support is expected around $240, aligning with the 100-hour moving average, while further support is established at the $232 level. A drop below this level may bring the price closer to the $230 zone, with $220 as a potential critical support point in the near term.
In terms of technical indicators, the MACD for SOL/USD is showing a robust bullish trend, and the RSI remains firmly above the 50 level, suggesting continued positive momentum in the market.
