Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Solana (SOL) Momentum Builds: $250 Could Just Be The Beginning

Solana (SOL) Momentum Builds: $250 Could Just Be The Beginning

NewsbtcNewsbtc2024/11/29 05:55
By:Aayush Jindal

Solana started a fresh increase from the $220 zone. SOL price is rising and aiming for a sustained upward move above the $250 resistance.

  • SOL price started a fresh increase after it settled above the $225 level against the US Dollar.
  • The price is now trading above $240 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $240 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 $250 zone.

Solana Price Eyes Sustained Increase

Solana price formed a support base and started a fresh increase above the $225 level like Bitcoin and Ethereum . There was a decent increase above the $230 and $232 resistance levels.

There was a move above the 50% Fib retracement level of the downward move from the $256 swing high to the $221 low. Besides, there was a break above a key bearish trend line with resistance at $240 on the hourly chart of the SOL/USD pair.

Solana is now trading above $240 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $244 level or the 61.8% Fib retracement level of the downward move from the $256 swing high to the $221 low.

Source: SOLUSD on TradingView.com

The next major resistance is near the $248 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 $278 level.

Are Dips Supported in SOL?

If SOL fails to rise above the $248 resistance, it could start a downside correction. Initial support on the downside is near the $240 level or the 100-hourly simple moving average. The first major support is near the $232 level.

A break below the $232 level might send the price toward the $230 zone. If there is a close below the $230 support, the price could decline toward the $220 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 – $240 and $232.

Major Resistance Levels – $248 and $250.

2

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

How much is ETH really worth? Hashed provides 10 different valuation methods in one go

After taking a weighted average, the fair price of ETH exceeds $4,700.

ForesightNews 速递2025/11/28 15:05
How much is ETH really worth? Hashed provides 10 different valuation methods in one go

Dragonfly partner: Crypto has fallen into financial cynicism, and those valuing public blockchains with PE ratios have already lost

People tend to overestimate what can happen in two years, but underestimate what can happen in ten years.

深潮2025/11/28 14:53
Dragonfly partner: Crypto has fallen into financial cynicism, and those valuing public blockchains with PE ratios have already lost

Balancer Rallies to Recover and Redistribute Stolen Funds After Major Cyber Attack

In Brief Balancer plans to redistribute $8 million to users after a massive cyber theft. The recovery involved crucial roles by white-hat researchers rewarded with 10% incentives. Unclaimed funds will undergo governance voting after 180 days.

Cointurk2025/11/28 14:33
Balancer Rallies to Recover and Redistribute Stolen Funds After Major Cyber Attack