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 Solana has started a new leg higher above $240. SOL price is currently consolidating gains below $240 and may rise again if it sustains above $230.
Solana Price Consolidates GainsSolana price started to rise sharply after settling above $220, surpassing Bitcoin and Ethereum . SOL climbed above $235, entering short-term bullish territory. The price even broke the $242 resistance. The bulls managed to push the price above the $245 mark. The price formed a high at $250 and has recently begun a downward correction. The price fell below the 23.6% Fibonacci retracement level of the upward wave from the $200 low to $250 high. However, bulls are active above $230. Solana is currently trading below $240 and the 100 hourly simple moving average. On the upside, the price faces resistance near $238. Additionally, a key bearish trend line is forming with resistance at $238 on the hourly chart of the SOL/USD pair.  The next major resistance is near $242. The main resistance is likely to be $250. A successful close above the $250 resistance could set the stage for the next round of solid gains. The next key resistance is $262. If the increase continues, the price may drop towards $280. Are there more downsides to SOL?If SOL fails to break the $238 resistance, another decline is likely. On the downside, initial support is near the $232 area. First major support is near $229, or the 50% Fibonacci retracement level of the upward move from the $200 low to $250 high. A break below the $229 level could push the price toward the $220 support zone. If the price closes below the $220 support, the price may fall towards the $212 support in the short term. Technical indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major support levels – $229 and $220. Major resistance levels – $238 and $250. The next market trend is particularly critical. The door to the altcoin era has opened, and the opportunity is fleeting! Don't let hesitation hold back your wealth dreams, and don't let the trap of air coins swallow up your principal! I will take everyone to aim at the opportunities to get rich in copycats. There is no problem if the expected space is more than 10 times. Scan the QR code below and take you to lay out the entire bull market! Joining us means standing on the shoulders of giants and seizing the opportunity to get rich quickly. If you miss it, you may miss a hundred times the opportunity. Many friends in the current market still don’t understand that buying at the second level is not good and playing at the first level. You can join us! Level one feeding tutorial, level two real-time entry and exit points and position allocation details, a group of professional people will serve you! You can follow me or add me on WeChat below! Welcome everyone to join my group to discuss and exchange information! VX: suiyue3786, backup VX: LS688677   |
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