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Solana (SOL) Back on Track: Is The Uptrend Here to Stay?

December 4, 2024
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Solana began a contemporary enhance from the $215 zone. SOL value is rising and may purpose for a transfer above the $240 and $250 resistance ranges.

SOL value began a contemporary enhance after it settled above the $222 degree in opposition to the US Greenback.
The value is now buying and selling above $230 and the 100-hourly easy shifting common.
There was a break above a key bearish development line with resistance at $232 on the hourly chart of the SOL/USD pair (information supply from Kraken).
The pair might begin a contemporary enhance if the bulls clear the $240 zone.

Solana Value Eyes Recent Surge

Solana value fashioned a help base and began a contemporary enhance above the $220 degree like Bitcoin and Ethereum. There was a good enhance above the $225 and $230 resistance ranges.

There was a transfer above the 50% Fib retracement degree of the downward transfer from the $246 swing excessive to the $215 low. In addition to, there was a break above a key bearish development line with resistance at $232 on the hourly chart of the SOL/USD pair.

Solana is now buying and selling above $235 and the 100-hourly easy shifting common. On the upside, the value is dealing with resistance close to the $240 degree or the 76.4% Fib retracement degree of the downward transfer from the $246 swing excessive to the $215 low.

The following main resistance is close to the $246 degree. The principle resistance could possibly be $250. A profitable shut above the $250 resistance degree might set the tempo for one more regular enhance. The following key resistance is $265. Any extra features may ship the value towards the $280 degree.

One other Decline in SOL?

If SOL fails to rise above the $240 resistance, it might begin one other decline. Preliminary help on the draw back is close to the $230 degree or the 100-hourly easy shifting common. The primary main help is close to the $220 degree.

A break beneath the $220 degree may ship the value towards the $215 zone. If there’s a shut beneath the $215 help, the value might decline towards the $200 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 Power Index) – The RSI for SOL/USD is above the 50 degree.

Main Assist Ranges – $230 and $220.

Main Resistance Ranges – $240 and $250.



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Tags: SOLSolanaStayTrackUptrend
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