Solana (SOL) has begun a significant upward movement, recently surpassing the $220 level. Following this increase, the cryptocurrency is currently stabilizing its gains and appears to be targeting an upward breakout above the $250 resistance level.
The price resurgence was initiated when SOL managed to establish itself above the $200 level against the US Dollar. Presently, it is trading above $225, supported by the 100-hourly simple moving average. An important bullish trend line is forming, with a support point identified at $237 on the hourly chart for the SOL/USD pair. If the bulls can successfully breach the $250 level, a further rise can be anticipated.
In recent performance, Solana has developed a solid foundation, propelling itself past the $220 level and notably outperforming major players such as Bitcoin and Ethereum . Significant resistance levels at $225 and $240 were efficiently overcome, with a peak reaching up to $248 before the price experienced a brief consolidation. Despite a decline below both the $245 and $242 levels, the price maintains a position above $230 and the 100-hourly simple moving average.
As Solana navigates this phase, it faces immediate resistance around the $245 level, with a critical hurdle at the $248 level. Should the price maintain momentum and clear the $250 resistance, it could pave the way for a sustained upward trajectory towards the next resistance level of $265, with potential gains extending to $282.
Conversely, should SOL struggle to break through the $245 resistance, it may experience a downward trend. The initial support is poised at the $237 level along the trend line. A more significant support area is at $230, aligning with the 50% Fibonacci retracement level from its recent ascent. A decisive drop below this level could potentially push the price back to the $220 zone, with the possibility of further declines toward the $212 support.
The technical indicators point to a growing bullish momentum, with the MACD indicating positive movement in the bullish zone and the Relative Strength Index showing values above 50. The critical support levels are $237 and $230, while resistance levels remain at $245 and $250.
