Solana started a decent rise above the USD 188 resistance. The SOL price is back above $200 and may struggle to stay above $205.
- The SOL price started a new increase above the USD 185 and USD 188 levels against the US dollar.
- The price is now trading above $195 and the 100-hour moving average.
- A connecting bullish trendline is forming with support at $196 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could start a new rise if the bulls cross the $205 zone.
Solana Price claims $200 back
Solana price formed a base above $175 and started a decent upward move, just like Bitcoin and Ethereum. SOL was able to climb above the USD 180 and USD 185 resistance levels.
The bulls pushed it above the USD 188 resistance and then up to USD 200. A high was reached at $206 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the swing high of $186 to the low of $206.
Solana is now trading above $195 and the 100-hour moving average. A connecting bullish trendline is also forming with support at $196 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance around the $205 level.
The next major resistance is around the $212 level. The key resistance could be at USD 220. A successful close above the USD 220 resistance zone could set the pace for another steady rise. The next major resistance is $232. Any further gains could send the price towards the USD 245 level.
Another drop in the SOL?
If SOL fails to rise above the USD 205 resistance, it could trigger another decline. The initial downside support is near the $196 zone and the trendline. The first major support is near the $190 level or the 76.4% Fib retracement level of the upward move from the $186 swing high to the $206 low.
A break below the $190 level could send the price towards the $185 zone. If there is a close below the $185 support, the price could fall towards the $172 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 above the 50 level.
Major support levels – USD 196 and USD 190.
Major resistance levels – $205 and $212.