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Solana started a fresh increase above the $188 zone. SOL price is now consolidating above $200 and might aim for more gains above the $208 zone.
Solana price started a decent increase after it settled above the $172 zone, beating Bitcoin and Ethereum. SOL climbed above the $180 level to enter a short-term positive zone.
The price even smashed the $188 resistance. The bulls were able to push the price above the 61.8% Fib retracement level of the main drop from the $225 swing high to the $155 low. Besides, there is a bullish trend line forming with support at $199 on the hourly chart of the SOL/USD pair.
Solana is now trading above $202 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $208 level and the 76.4% Fib retracement level of the main drop from the $225 swing high to the $155 low. The next major resistance is near the $218 level.
The main resistance could be $225. A successful close above the $225 resistance zone could set the pace for another steady increase. The next key resistance is $242. Any more gains might send the price toward the $250 level.
If SOL fails to rise above the $208 resistance, it could start another decline. Initial support on the downside is near the $199 zone and the trend line. The first major support is near the $195 level.
A break below the $195 level might send the price toward the $190 support zone. If there is a close below the $190 support, the price could decline toward the $180 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.
