Solana started a new increase above the $188 zone. SOL price is now consolidating above USD 200 and could aim for more gains above the USD 208 zone.
- SOL price started a new upward move above the USD 185 and USD 188 levels against the US dollar.
- The price is now trading above $200 and the 100-hour moving average.
- A bullish trendline is forming with support at $199 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could extend gains if it breaks the $208 resistance zone.
Solana price jumps further above $200
Solana price started a decent increase after it broke above the $172 zone, beating Bitcoin and Ethereum. SOL climbed above the USD 180 level and entered a positive short-term zone.
The price even broke the USD 188 resistance. The bulls were able to push the price above the 61.8% Fib retracement level of the main decline from the $225 swing high to the $155 low. Furthermore, a bullish trendline is forming with support at $199 on the hourly chart of the SOL/USD pair.
Solana is now trading above $202 and the 100-hour moving average. On the upside, the price is facing resistance near the $208 level and the 76.4% Fib retracement level of the main decline from the $225 swing high to the $155 low. The next major resistance is around the $218 level.
The key resistance could be at USD 225. A successful close above the $225 resistance zone could set the pace for another steady rise. The next major resistance is $242. Any further gains could send the price towards the USD 250 level.
Another relapse in SOL?
If SOL fails to rise above the USD 208 resistance, it could trigger another decline. The initial downside support is near the $199 zone and the trendline. The first major support is near the $195 level.
A break below the $195 level could send the price towards the $190 support zone. If there is a close below the $190 support, the price could fall towards the $180 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 – $199 and $190.
Major resistance levels – $208 and $218.