Solana has remained resilient above the $175 mark. The SOL price is currently recuperating losses and encountering obstacles near the $200 and $205 thresholds.
- The SOL price initiated a new uptrend after testing the $175 region against the US Dollar.
- The value is presently trading above $190 and the 100-hourly simple moving average.
- A breakthrough above a connecting bearish trend line with resistance at $185 was observed on the hourly chart of the SOL/USD pair (data sourced from Kraken).
- The pair may embark on a new rise if the bulls surpass the $205 threshold.
Solana Price Aims for Upside Break
The price of Solana created a support area and commenced a new increase from the $185 level similar to Bitcoin and Ethereum. An accomplished rise above the $190 and $192 resistance levels was noted.
A breakout above a connecting bearish trend line with resistance at $190 appeared on the hourly chart of the SOL/USD pair. The pair surged past $195 and approached the 50% Fib retracement level from the drop between the $228 swing high and the $175 low.
Nonetheless, the price is currently facing multiple challenges around $200. Solana is trading above $190 and the 100-hourly simple moving average. On the upside, resistance looms near the $202 mark.
The next significant resistance is located near the $208 level or the 61.8% Fib retracement level of the decline from the $228 swing high to the $175 low. The primary resistance level could be at $215. A successful close above the $220 resistance could pave the way for another consistent rise. The following notable resistance sits at $235. Any additional gains might propel the price towards the $250 mark.
Is Another Decline Ahead for SOL?
If SOL struggles to climb over the $208 resistance level, it may trigger another downturn. Initial downside support is around the $195 range. The first major support resides near the $188 level.
A fall below the $180 level could drive the price down toward the $175 zone. Should the price close below the $175 support, it may decline further to the $162 support in the short term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining momentum in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD remains above the 50 threshold.
Significant Support Levels – $195 and $188.
Significant Resistance Levels – $208 and $215.