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Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

Solana (SOL) Ignites New Momentum: Bulls Target Higher Ground

Aayush Jindal
Aayush Jindal
7 months ago
2 mins read
Solana Price (SOL)

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Solana started a fresh increase above the $240 resistance. SOL price is back above $2500 and might aim for a fresh increase above the $262 zone.

  • SOL price started a fresh increase above the $240 and $250 levels against the US Dollar.
  • The price is now trading above $250 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $245 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 $262 zone.

Solana Price Reclaims $250

Solana price formed a base above $225 and started a decent upward move, like Bitcoin and Ethereum. SOL was able to climb above the $235 and $240 resistance levels.

There was a break above a key bearish trend line with resistance at $245 on the hourly chart of the SOL/USD pair. The pair even cleared the 50% Fib retracement level of the downward move from the $272 swing high to the $230 low.

Solana is now trading above $250 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $262 level or the 76.4% Fib retracement level of the downward move from the $272 swing high to the $230 low.

Solana Price
Source: SOLUSD on TradingView.com

The next major resistance is near the $272 level. The main resistance could be $280. A successful close above the $280 resistance zone could set the pace for another steady increase. The next key resistance is $292. Any more gains might send the price toward the $300 level.

Another Decline in SOL?

If SOL fails to rise above the $262 resistance, it could start another decline. Initial support on the downside is near the $250 zone and the 100-hourly simple moving average.

The first major support is near the $240 level. A break below the $240 level might send the price toward the $230 zone. If there is a close below the $230 support, the price could decline toward the $215 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

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

Major Support Levels – $250 and $240.

Major Resistance Levels – $262 and $272.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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