Solana has remained consistent above the $215 mark. The SOL price is presently recuperating from losses and encountering obstacles around the $228 and $332 thresholds.
- The SOL price initiated a new ascent after testing the $215 area against the US Dollar.
- The price is currently trading below $225 and the 100-hour simple moving average.
- A breakout occurred above a connecting bearish trend line that had resistance at $222 on the hourly chart for the SOL/USD pair (data sourced from Kraken).
- The pair may initiate a new rise if the bulls overcome the $228 level.
Solana Price Eyes Upside Break
The price of Solana established a support foundation and began a new rise from the $215 level but has lagged in momentum compared to Bitcoin and Ethereum. There was a significant rise above the $218 and $220 resistance thresholds.
A breakout occurred above a connecting bearish trend line that had resistance at $222 on the hourly chart for the SOL/USD pair. The pair rose above $225 and tested the 50% Fibonacci retracement level of the downward movement from the $234 swing high to the $215 low.
Nonetheless, the price is now encountering numerous challenges around $225. Solana is currently trading below $225 and the 100-hour simple moving average. On the upward side, the price faces resistance near the $225 mark.
The next significant resistance stands near the $228 mark or the 61.8% Fibonacci retracement level of the downward move from the $234 swing high to the $215 low. The primary resistance could be $230. A successful closure above the $230 resistance level may set the stage for another steady increase. The subsequent key resistance is $235. Any further gains might propel the price towards the $250 level.
Another Decline in SOL?
If SOL cannot surpass the $228 resistance, it might begin another downward movement. Initial support on the downside is near the $220 level. The first major support lies near the $215 level.
A breakdown below the $215 level could drive the price towards the $205 area. If it closes below the $205 support, the price may decline toward the $200 support in the near future.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing momentum in the bullish area.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is beneath the 50 level.
Key Support Levels – $220 and $215.
Key Resistance Levels – $228 and $230.
