Solana remained stable above the $175 level. SOL price is now recovering from losses and facing obstacles near the $200 and $205 levels.
- SOL price started a fresh rise after testing the $175 zone against the US Dollar.
- The price is now trading above $190 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $185 on the hourly chart of the SOL/USD pair (data feed from Kraken).
- The pair could start a new rise if the bulls surpass the $205 zone.
Solana price points to a bullish breakout
Solana price formed a support base and started a new rise from the $185 level like Bitcoin and Ethereum. There was a decent rise above the $190 and $192 resistance levels.
There was a break above a connecting bearish trend line with resistance at $190 on the hourly chart of the SOL/USD pair. The pair rose above $195 and tested the 50% Fibonacci retracement level of the downward move from the high of $228 to the low of $175.
However, the price now faces many obstacles near $200. Solana is now trading above $190 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $202 level.
The next major resistance is near the $208 level or the 61.8% Fibonacci retracement level of the downward move from the high of $228 to the low of $175. The main resistance could be at $215. A successful close above the $220 resistance level could set the pace for another steady rise. The next key resistance is $235. Any further gains could send the price towards the $250 level.
Another descent of SOL?
If SOL fails to overcome the $208 resistance, it could start another decline. Initial support on the downside 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 area. 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 pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Main support levels: $195 and $188.
Main resistance levels: $208 and $215.
