Solana found support near the $ 192 zone. Sol Price is now trying to recover from more than $ 200 and is confronted with obstacles near $ 215.
- Sol Price started a recovery wave above $ 200 and $ 202 against the US dollar.
- The price is now traded above $ 202 and the 100-hour simple advancing average.
- There is a connecting bullish trend line that forms with support for $ 204 on the hour table of the SOL/USD pair (data source of Kraken).
- The price can start a new decrease if it remains below $ 215 and $ 220.
Solana Price Eyes recovery
Solana Price extended losses under $ 200 before the bulls took a position, such as Bitcoin and Ethereum. SOL tested the $ 192 zone and recently started a recovery wave.
The price could exceed the resistance levels of $ 200 and $ 202. There was a movement above the 23.6% FIB retracement level of the downward movement of the $ 242 Swing high to $ 191 low. Moreover, there is a connecting bullish trend line that forms with support for $ 204 on the hour table of the SOL/USD pair.
However, the price is confronted with many obstacles in the vicinity of $ 215. Solana now acts above $ 205 and the 100-hour simple advancing average. If there are more profits, the price may experience the resistance near the $ 215 level. The next major resistance is near the $ 216 level or the 50% FIB retraction level of the downward movement of the $ 242 Swing high to $ 191 low. The most important resistance can be $ 220.
A successful closure above the $ 220 resistance zone could determine the pace for a new steady increase. The next key resistance is $ 230. More profits can send the price to the $ 242 level.
Another drop in Sol?
If Sol does not exceed $ 216 resistance, this can continue to move. The first support on the other hand is near the $ 204 zone and the trend line. The first major support is close to the $ 202 level.
A break below the $ 202 level can send the price to the $ 200 support zone. If there is an end under the support of $ 200, the price can fall to $ 192 support in the short term.
Technical indicators
Hourly MacD – The MACD for SOL/USD loses pace in the bullish zone.
Hours -hours RSI (relative strength -index) -The RSI for SOL/USD is above 50 level.
Important support levels – $ 204 and $ 200.
Important resistance levels – $ 216 and $ 220.