The post Solana (SOL) Momentum Builds: $250 Could Just Be The Beginning appeared on BitcoinEthereumNews.com.

Solana started a fresh increase from the $220 zone. SOL price is rising and aiming for a sustained upward move above the $250 resistance. SOL price started a fresh increase after it settled above the $225 level against the US Dollar. The price is now trading above $240 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $240 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls clear the $250 zone. Solana Price Eyes Sustained Increase Solana price formed a support base and started a fresh increase above the $225 level like Bitcoin and Ethereum. There was a decent increase above the $230 and $232 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $256 swing high to the $221 low. Besides, there was a break above a key bearish trend line with resistance at $240 on the hourly chart of the SOL/USD pair. Solana is now trading above $240 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $244 level or the 61.8% Fib retracement level of the downward move from the $256 swing high to the $221 low. The next major resistance is near the $248 level. The main resistance could be $250. A successful close above the $250 resistance level could set the pace for another steady increase. The next key resistance is $265. Any more gains might send the price toward the $278 level. Are Dips Supported in SOL? If SOL fails to rise above the $248 resistance, it could start a downside correction. Initial support on the downside is near the $240 level or the 100-hourly…

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Filed under: News - @ November 29, 2024 5:17 am