Solana has initiated a new uptrend surpassing the $240 hurdle. The price of SOL has surged past $250 and could potentially target further gains above the $262 region.

The SOL price has begun a fresh uptrend surpassing the $240 and $250 marks against the US Dollar.
Currently, the price is trading above $250 and the 100-hourly simple moving average.
A significant breakthrough was observed as a key bearish trend line was breached with resistance at $245 on the hourly chart of the SOL/USD pair (data sourced from Kraken).
If the bulls can clear the $262 zone, the pair may embark on a new uptrend.

Solana Price Recaptures $250

After establishing a base above $225, the Solana price has commenced a notable upward surge, similar to Bitcoin and Ethereum. SOL managed to surpass the $235 and $240 resistance levels.

A pivotal bearish trend line with resistance at $245 was overcome on the hourly chart of the SOL/USD pair. Additionally, the pair successfully surpassed the 50% Fib retracement level from the recent downward move from the $272 peak to the $230 low.

Currently, Solana is trading above $250 and the 100-hourly simple moving average. The resistance is anticipated near the $262 level or the 76.4% Fib retracement level from the recent downward move.

The next notable resistance is anticipated near the $272 mark, with the primary barrier likely at $280. A successful breach above the $280 resistance level could pave the way for further gains. Subsequent key resistance levels include $292 and potentially $300.

Possible Downturn in SOL?

If the SOL price fails to surpass the $262 resistance, it could trigger another downtrend. Initial support is positioned near the $250 level and the 100-hourly simple moving average.

The primary support level lies around $240. A breakthrough below $240 might lead the price towards the $230 zone. A conclusive close below $230 support could result in a decline towards the $215 support in the near future.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is exhibiting bullish momentum.

Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Key Support Levels – $250 and $240.

Key Resistance Levels – $262 and $272.

The post Solana (SOL) Sparks Fresh Momentum: Bulls Set Sights on Higher Levels appeared first on Crypto Breaking News.

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Filed under: News - @ January 22, 2025 5:09 am