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Solana is gaining bullish momentum above $200. SOL worth remains to be exhibiting optimistic indicators, and it may even surpass the $220 resistance within the close to time period.

• SOL worth gained bullish momentum and cleared the $200 resistance in opposition to the US Dollar.
• The worth is now buying and selling above $200 and the 100 easy transferring common (4 hours).
• There is a connecting bullish pattern line forming with help at $195 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
• The pair may proceed to rally if it clears the $205 and $212 resistance ranges.

Solana Price Extends Rally

Solana worth remained sturdy above the $150 stage and prolonged its rally. There was a good improve above the $165 and $180 ranges.

The worth is up almost 20% and there was a transfer above the $200 stage, outperforming Bitcoin and Ethereum. A brand new multi-month excessive was fashioned close to $204, and the value is now consolidating features. It is steady above the 23.6% Fib retracement stage of the upward transfer from the $142 swing low to the $204 excessive.

There can also be a connecting bullish pattern line forming with help at $195 on the 4-hour chart of the SOL/USD pair. Solana is now buying and selling above $200 and the 100 easy transferring common (4 hours).

Source: SOLUSD on TradingView.com

Immediate resistance is close to the $205 stage. The subsequent main resistance is close to the $212 stage. A profitable shut above the $212 resistance may set the tempo for an additional main improve. The subsequent key resistance is close to $220. Any extra features may ship the value towards the $232 stage.

Are Dips Supported in SOL?

If SOL fails to rally above the $205 resistance, it may begin a draw back correction. Initial help on the draw back is close to the $195 stage and the pattern line.

The first main help is close to the $175 stage or the 50% Fib retracement stage of the upward transfer from the $142 swing low to the $204 excessive, under which the value may take a look at $165. If there’s a shut under the $165 help, the value may decline towards the $150 help or the 100 easy transferring common (4 hours) within the close to time period.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 stage.

Major Support Levels – $19, and $175.

Major Resistance Levels – $205, $212, and $220.

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