Solana remained stable above the $215 level. SOL price is now recovering losses and facing hurdles near the $228 and $332 levels.
- The price of SOL started to rise again after testing the $215 range against the US Dollar.
- The price is now trading below $225 and the 100-hourly simple moving average.
- There was a break above the bearish trend line connected with resistance at $222 on the hourly chart of the SOL/USD pair (data source from Kraken).
- Both could start a new rally if the bulls clear the $228 area.
Solana Price is looking upside down
The price of Solana created a base of support and started a new rise from the level of $ 215 but going down on a trend like Bitcoin and Ethereum. There was a good rally above the $218 and $220 resistance levels.
There was a break above the associated bearish trend line with resistance at $222 on the hourly chart of the SOL/USD pair. The pair climbed above $225 and tested the 50% Fib level of the move down from the $234 swing high to the $215 low.
However, the price is now facing many obstacles near $225. Solana is now trading below $225 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $225 level.
The next major resistance is near the $228 level or the 61.8% Fib level of the move down from the $234 high to $215 low. The main resistance could be $230. A successful close above the $230 resistance level could set the pace for another sustained rally. The next major resistance is $235. Any other benefits could push the price to $250.
Another decline in SOL?
If SOL does not rise above the $228 resistance, it could start another decline. Initial support on the downside is near the $220 level. The first major support is near the $215 level.
A break below the $215 level could send the price towards the $205 area. If there is a close below the $205 support, the price could decline towards the $200 support in the long term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Key Support Levels – $220 and $215.
Key Resistance Levels – $228 and $230.
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