Solana is gaining bullish momentum above $200. SOL label remains to be showing certain indicators, and it can perchance presumably even surpass the $220 resistance within the come term.
- SOL label gained bullish momentum and cleared the $200 resistance against the US Buck.
- The price is now procuring and selling above $200 and the 100 easy appealing common (4 hours).
- There’s a connecting bullish vogue line forming with pork up at $195 on the 4-hour chart of the SOL/USD pair (info source from Kraken).
- The pair may possibly presumably proceed to rally if it clears the $205 and $212 resistance levels.
Solana Tag Extends Rally
Solana label remained solid above the $150 level and prolonged its rally. There turned into as soon as a first fee amplify above the $165 and $180 levels.
The price is up regarding twenty% and there turned into as soon as a switch above the $200 level, outperforming Bitcoin and Ethereum. A modern multi-month high turned into as soon as formed come $204, and the price is now consolidating gains. It’s staunch above the 23.6% Fib retracement level of the upward switch from the $142 swing low to the $204 high.
There is moreover a connecting bullish vogue line forming with pork up at $195 on the 4-hour chart of the SOL/USD pair. Solana is now procuring and selling above $200 and the 100 easy appealing common (4 hours).
Supply: SOLUSD on TradingView.com
Prompt resistance is come the $205 level. The next most famous resistance is come the $212 level. A a success shut above the $212 resistance may possibly presumably set of residing the coast for one more most famous amplify. The next key resistance is come $220. To any extent further gains may possibly presumably send the price toward the $232 level.
Are Dips Supported in SOL?
If SOL fails to rally above the $205 resistance, it can perchance presumably originate a design back correction. Preliminary pork up on the design back is come the $195 level and the vogue line.
The first most famous pork up is come the $175 level or the 50% Fib retracement level of the upward switch from the $142 swing low to the $204 high, under which the price may possibly presumably test $165. If there may be a shut under the $165 pork up, the price may possibly presumably decline toward the $150 pork up or the 100 easy appealing common (4 hours) within the come term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining coast within the bullish zone.
4-Hours RSI (Relative Energy Index) – The RSI for SOL/USD is above the 50 level.
Important Assist Ranges – $19, and $175.
Important Resistance Ranges – $205, $212, and $220.
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Aayush Jindal
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He makes a speciality of market strategies and technical evaluation and has spent over 15 years as a financial markets contributor and observer. He moreover founded an IT firm and works conscientiously in offering high-quality system products and companies.
Aayush possesses solid technical analytical talents and is neatly-known for his inviting and informative evaluation of the currency, commodities, Bitcoin, and Ethereum markets. Notice him on Twitter @AayushJs.
