Solana started a new rise above the $172 support zone. SOL price is rising and could aim for a move towards the $200 level soon.
- The SOL price started to rise again after settling above the $165 level against the US dollar.
- The price is now trading above $172 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance at $162 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could continue to rise if it breaks the $192 resistance zone.
Solana Price starts new rally
Solana price formed a support base and started a new increase above the $162 level, just like Bitcoin and Ethereum. There was a strong move above the USD 165 and USD 172 resistance levels.
There was a break above a key bearish trendline with resistance at $162 on the hourly chart of the SOL/USD pair. The price even reached the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hour moving average. On the upside, the price is facing resistance around the $192 level. The next major resistance is around the $195 level.
The key resistance could be at $200. A successful close above the $200 resistance level could set the pace for another steady rise. The next major resistance is $212. Any further gains could send the price towards the USD 220 level.
Another dive in SOL?
If SOL fails to rise above the USD 192 resistance, a downside correction could occur. The initial downside support is near the $188 level. The first major support is near the $180 level.
A break below the $180 level could send the price towards the $172 zone or towards the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could fall towards the $165 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – USD 188 and USD 185.
Major resistance levels – $192 and $200.