FxNews—Solana resumed its bullish trajectory from $215 as the Stochastic hinted at an oversold market. As of this writing, SOL/USD trades at approximately $240.0, stabilizing above the 23.6% Fibonacci level.
As for the technical indicators, the Awesome Oscillator flipped above the signal line with green bars, strengthening the bull market. However, the Stochastic oscillator is about to step into the overbought territory, depicting 79 in the description.
Overall, the technical indicators suggest the primary trend is bullish and should resume.Â
Solana Eyes $250 Target if Support Holds at $223
The immediate support is at $223.0, the 50% Fibonacci level. Solana’s trend outlook remains bullish as long as the prices exceed this support. The next bullish target in this scenario could be the $250.0 mark.
Furthermore, if the buying pressure exceeds $250.0, the next target could be $265.0.