Solana remained stable above the USD 215 level. SOL price is now recovering losses and facing hurdles near the USD 228 and USD 332 levels.
- The SOL price started to rise again after testing the $215 zone against the US dollar.
- The price is now trading below $225 and the 100-hour moving average.
- There was a break above a connecting bearish trendline with resistance at $222 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could start a new rise if the bulls cross the $228 zone.
Solana Price’s eyes are upside down
Solana price formed a support base and started a new increase from the $215 level, but lagged behind the momentum like Bitcoin and Ethereum. There was a decent rise above the USD 218 and USD 220 resistance levels.
There was a break above a connecting bearish trendline with resistance at $222 on the hourly chart of the SOL/USD pair. The pair climbed above $225 and tested the 50% Fib retracement level of the downward move from the $234 swing high to the $215 low.
However, the price now faces many hurdles near USD 225. Solana is now trading below $225 and the 100-hour moving average. On the upside, the price is facing resistance around the $225 level.
The next major resistance is near the $228 level or the 61.8% Fib retracement level of the downward move from the $234 swing high to the $215 low. The main resistance could be at USD 230. A successful close above the USD 230 resistance level could set the pace for another steady rise. The next major resistance is $235. Any further gains could send the price towards the USD 250 level.
Another drop in the SOL?
If SOL fails to rise above the USD 228 resistance, it could trigger a fresh decline. The initial downside support is near the USD 220 level. The first major support is near the $215 level.
A break below the USD 215 level could send the price towards the USD 205 zone. If there is a close below the $205 support, the price could fall towards the $200 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – USD 220 and USD 215.
Major resistance levels – $228 and $230.