{"id":1420,"date":"2024-11-25T05:11:04","date_gmt":"2024-11-25T05:11:04","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/solana-sol-bulls-stay-in-control-rally-far-from-over\/"},"modified":"2024-11-25T05:11:04","modified_gmt":"2024-11-25T05:11:04","slug":"solana-sol-bulls-stay-in-control-rally-far-from-over","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/solana-sol-bulls-stay-in-control-rally-far-from-over\/","title":{"rendered":"Solana (SOL) Bulls Stay in Control: Rally Far From Over?"},"content":{"rendered":"<p><em>Solana started a fresh increase above the $240 zone. SOL price is consolidating gains and might aim for an upside break above the $255 resistance.<\/em><\/p>\n<ul>\n<li>SOL price started a fresh increase after it settled above the $220 level against the US Dollar.<\/li>\n<li>The price is now trading below $255 and the 100-hourly simple moving average.<\/li>\n<li>There is a short-term bearish trend line forming with resistance at $252 on the hourly chart of the SOL\/USD pair (data source from Kraken).<\/li>\n<li>The pair could start a fresh increase if the bulls clear the $255 zone.<\/li>\n<\/ul>\n<h2>Solana Price Eyes More Upsides<\/h2>\n<p>Solana price formed a support base and started a fresh increase above the $232 level beating Bitcoin and Ethereum. There was a strong move above the $245 and $250 resistance levels.<\/p>\n<p>The price even cleared the $260 level. A high was formed at $2648 and the price is now consolidating gains. There was a move below the $260 and $255 levels. The price dipped below the 50% Fib retracement level of the upward move from the $230 swing low to the $264 high.<\/p>\n<p>However, the bulls are active near the $242 support and the 61.8% Fib retracement level of the upward move from the $230 swing low to the $264 high. Solana is now trading below $255 and the 100-hourly simple moving average.<\/p>\n<p>On the upside, the price is facing resistance near the $252 level. There is also a short-term bearish trend line forming with resistance at $252 on the hourly chart of the SOL\/USD pair.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"wp-image-654762 size-full\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/11\/Solana_8c442b.png?resize=1024%2C478\" alt=\"Solana Price\" width=\"1024\" height=\"478\" loading=\"lazy\" \/><\/p>\n<p>The next major resistance is near the $255 level. The main resistance could be $265. A successful close above the $265 resistance level could set the pace for another steady increase. The next key resistance is $275. Any more gains might send the price toward the $282 level.<\/p>\n<h2>Are Dips Limited in SOL?<\/h2>\n<p>If SOL fails to rise above the $255 resistance, it could start a downside correction. Initial support on the downside is near the $246 level. The first major support is near the $242 level.<\/p>\n<p>A break below the $242 level might send the price toward the $238 zone. If there is a close below the $238 support, the price could decline toward the $230 support in the near term.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD \u2013 The MACD for SOL\/USD is gaining pace in the bullish zone.<\/p>\n<p>Hourly Hours RSI (Relative Strength Index) \u2013 The RSI for SOL\/USD is above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $246 and $242.<\/p>\n<p>Major Resistance Levels \u2013 $255 and $260.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana started a fresh increase above the $240 zone. SOL price is consolidating gains and might aim for an upside break above the $255 resistance. SOL price started a fresh increase after it settled above the $220 level against the US Dollar. The price is now trading below $255 and the 100-hourly simple moving average.&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[62],"tags":[174,121,251,177,129,76],"class_list":["post-1420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technical-analysis","tag-sol","tag-solana","tag-solbtc","tag-solusd","tag-solusdt","tag-technical-analysis"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=1420"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1420\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/1421"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=1420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=1420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=1420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}