Solana started a nice rally above the $188 resistance. SOL price is back above $200 and may struggle to continue higher above $205.
- The price of SOL started a new rise above the levels of $185 and $188 against the US Dollar.
- The price is now trading above $195 and the 100-hourly simple moving average.
- A connecting bullish trend line is forming with support at $196 on the hourly chart of the pair SOL/USD (data source from Kraken).
- Both could start a new rally if the bulls clear the $205 area.
The price of Solana is getting back $200
The price of Solana formed a base above $175 and started to move well up, like Bitcoin and Ethereum. SOL was able to climb above the $180 and $185 resistance levels.
The bulls pushed it above the resistance of $188 and then $200. A high was formed at $206 and the price is now consolidating gains near the 23.6% Fib level of the move up from the high of $186 to $206 low.
Solana is now trading above $195 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $196 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $205 level.
The next major resistance is near the $212 level. The main resistance could be $220. A successful close above the $220 protection zone could set the pace for another steady rise. The next major resistance is $232. Any other benefits could push the price to $245.
Another decline in SOL?
If SOL does not rise above the $205 resistance, it could start another decline. Initial support on the downside is near the $196 area and the trend line. The first major support is near the $190 level or the 76.4% Fib level of the move up from the $186 high to $206 low.
A break below the $190 level could send the price towards the $185 range. If there is a close below the $185 support, the price could decline towards the $172 support soon.
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 above the 50 level.
Key Support Levels – $196 and $190.
Key Resistance Levels – $205 and $212.
