SOL Trending Upwards

Solana is trading inside a parallel rising channel after the week, closing slightly bullish. It is now hovering above EMA 20 in an hourly chart and making a base above $197, the near term 0.786 fib. Though it’s closing in on the lower side of the parallel channel, there’s strong support near EMA 50 as Solana has been respecting the bottom line since December 23rd. As far as resistance is concerned, we have a local resistance at the top of the December 7 price level of $204, as marked in the chart above.