Solana (SOL) Corrects Some Gains – Is a Bigger Pullback Coming?

Solana started a fresh increase above the $232 ￰0￱ price is now correcting gains below $240 and might aim for another increase if it stays above $20. SOL price started a fresh upward move above the $232 and $240 levels against the US ￰1￱ price is now trading below $240 and the 100-hourly simple moving ￰2￱ was a break below a bullish trend line with support at $242 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend losses if it dips below the $230 ￰3￱ Price Dips Below Support Solana price started a decent increase after it found support near the $212 zone, beating Bitcoin and ￰4￱ climbed above the $232 level to enter a short-term positive ￰5￱ price even smashed the $240 ￰6￱ bulls were able to push the price above the $245 barrier.

A high was formed at $250 and the price recently corrected some ￰7￱ was a move below the 23.6% Fib retracement level of the upward move from the $200 swing low to the $250 high. Besides, there was a break below a bullish trend line with support at $242 on the hourly chart of the SOL/USD ￰8￱ is now trading below $240 and the 100-hourly simple moving ￰9￱ the upside, the price is facing resistance near the $238 ￰10￱ next major resistance is near the $240 ￰11￱ main resistance could be $245. A successful close above the $245 resistance zone could set the pace for another steady ￰12￱ next key resistance is $255. Any more gains might send the price toward the $262 ￰13￱ Losses In SOL?

If SOL fails to rise above the $240 resistance, it could start another ￰14￱ support on the downside is near the $232 ￰15￱ first major support is near the $230 level or the 50% Fib retracement level of the upward move from the $200 swing low to the $250 high. A break below the $230 level might send the price toward the $224 support ￰16￱ there is a close below the $224 support, the price could decline toward the $220 support in the near ￰17￱ Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bullish ￰18￱ Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 ￰19￱ Support Levels – $230 and $224. Major Resistance Levels – $240 and $245.