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

Solana started a fresh increase from the $215 zone. SOL price is rising and might aim for a move above the $240 and $250 resistance levels.SOL price started a fresh increase after it settled above the $222 level against the US Dollar.The price is now trading above $230 and the 100-hourly simple moving average.There was a break above a key bearish trend line with resistance at $232 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 $240 zone.Solana Price Eyes Fresh SurgeSolana price formed a support base and started a fresh increase above the $220 level like Bitcoin and Ethereum. There was a decent increase above the $225 and $230 resistance levels.There was a move above the 50% Fib retracement level of the downward move from the $246 swing high to the $215 low. Besides, there was a break above a key bearish trend line with resistance at $232 on the hourly chart of the SOL/USD pair.Solana is now trading above $235 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $240 level or the 76.4% Fib retracement level of the downward move from the $246 swing high to the $215 low.The next major resistance is near the $246 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 $280 level.Another Decline in SOL?If SOL fails to rise above the $240 resistance, it could start another decline. Initial support on the downside is near the $230 level or the 100-hourly simple moving average. The first major support is near the $220 level.A break below the $220 level might send the price toward the $215 zone. If there is a close below the $215 support, the price could decline toward the $200 support in the near term.Technical IndicatorsHourly 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 – $230 and $220.Major Resistance Levels – $240 and $250.Weiter zum vollständigen Artikel bei NewsBTC Weiter zum vollständigen Artikel bei NewsBTC