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Home Market & Analysis

Solana (SOL) Encounters Barriers: Is a Fresh Surge Still Possible?

by n70products
December 11, 2024
in Market & Analysis
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Solana (SOL) Encounters Barriers: Is a Fresh Surge Still Possible?
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Solana began a draw back correction beneath the $230 zone. SOL value is now recovering losses and dealing with hurdles close to the $220 stage.

  • SOL value began a recent enhance after it examined the $204 zone in opposition to the US Greenback.
  • The value is now buying and selling beneath $230 and the 100-hourly easy shifting common.
  • There’s a key bearish development line forming with resistance at $220 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The pair may begin a recent enhance if the bulls clear the $220 zone.

Solana Value Eyes Upside Break

Solana value fashioned a help base and began a recent enhance from the $204 stage like Bitcoin and Ethereum. There was a good enhance above the $210 and $212 resistance ranges.

There was a transfer above the 23.6% Fib retracement stage of the downward transfer from the $243 swing excessive to the $203 low. Nonetheless, the worth is now dealing with many hurdles close to $220. Solana is now buying and selling above $218 and the 100-hourly easy shifting common.

On the upside, the worth is dealing with resistance close to the $220 stage. There may be additionally a key bearish development line forming with resistance at $220 on the hourly chart of the SOL/USD pair.

Solana Price

The subsequent main resistance is close to the $224 stage or the 50% Fib retracement stage of the downward transfer from the $243 swing excessive to the $203 low. The principle resistance might be $228. A profitable shut above the $228 resistance stage may set the tempo for an additional regular enhance. The subsequent key resistance is $235. Any extra good points would possibly ship the worth towards the $250 stage.

One other Decline in SOL?

If SOL fails to rise above the $220 resistance, it may begin one other decline. Preliminary help on the draw back is close to the $212 stage. The primary main help is close to the $205 stage.

A break beneath the $205 stage would possibly ship the worth towards the $200 zone. If there’s a shut beneath the $200 help, the worth may decline towards the $188 help within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

Hourly Hours RSI (Relative Energy Index) – The RSI for SOL/USD is above the 50 stage.

Main Help Ranges – $212 and $205.

Main Resistance Ranges – $220 and $228.



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Tags: BarriersEncountersFreshSOLSolanaSurge
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