Solana remained stable above the $175 level. The price of SOL is now recovering losses and facing obstacles near the $200 and $205 levels.
- The price of SOL started to rise again after testing the $175 range against the US Dollar.
- The price is now trading above $190 and the 100-hourly simple moving average.
- There was a break above the bearish trend line connected with resistance at $185 on the hourly chart of the SOL/USD pair (data source from Kraken).
- Both could start a new rally if the bulls clear the $205 area.
Solana Price is looking upside down
The Solana price formed a support base and a new rise from the $185 level began Bitcoin and Ethereum. There was a good rally above the $190 and $192 resistance levels.
There was a break above the connected bearish trend line with resistance at $190 on the hourly chart of the SOL/USD pair. The pair climbed above $195 and tested the 50% Fib level of the move down from the $228 swing high to $175 low.
However, the price is now facing many obstacles near $200. Solana is now trading above $190 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $202 level.
The next major resistance is near the $208 level or the 61.8% Fib level of the move down from the $228 high to the $175 low. The main resistance could be $215. A successful close above the $220 resistance level could set the pace for another steady rise. 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 $208 resistance, it could start another decline. Initial support on the downside is near the $195 level. The first major support is near the $188 level.
A break below the $180 level could send the price towards the $175 range. If there is a close below the $175 support, the price could decline towards the $162 support soon.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key Support Levels – $195 and $188.
Key Resistance Levels – $208 and $215.
