Solana remained stable above the USD 175 level. SOL price is now recovering losses and facing hurdles near the USD 200 and USD 205 levels.
- The SOL price started to rise again after testing the $175 zone against the US dollar.
- The price is now trading above $190 and the 100-hour moving average.
- There was a break above a connecting bearish trendline with resistance at $185 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’s eyes are upside down
Solana price formed a support base and started a new increase from the $185 level, like Bitcoin and Ethereum. There was a decent rise above the USD 190 and USD 192 resistance levels.
There was a break above a connecting bearish trendline with resistance at $190 on the hourly chart of the SOL/USD pair. The pair climbed above $195 and tested the 50% Fib retracement level of the downward move from the $228 swing high to the $175 low.
However, the price is now facing many hurdles near $200. Solana is now trading above $190 and the 100-hourly moving average. On the upside, the price is facing resistance around the $202 level.
The next major resistance is near the $208 level or the 61.8% Fib retracement level of the downward move from the $228 swing high to the $175 low. The main resistance could be at USD 215. A successful close above the USD 220 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 208 resistance, it could trigger another decline. The initial downside support is near the $195 level. The first major support is near the $188 level.
A break below the $180 level could send the price towards the $175 zone. If there is a close below the $175 support, the price could fall towards the $162 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 195 and USD 188.
Major resistance levels – $208 and $215.