Solana has initiated a new rise beyond the $188 threshold. The SOL price is currently stabilizing its profits and may seek further enhancements above the $200 barrier.
- The SOL price commenced a new upward journey beyond the $180 and $185 marks against the US Dollar.
- The price is presently trading over $188 and above the 100-hourly simple moving average.
- A significant bullish trend line is forming with support at $190 on the hourly chart of the SOL/USD pair (data sourced from Kraken).
- The pair may initiate a new upswing if it breaks through the $200 resistance area.
Solana Price Builds Momentum
Solana’s price began a substantial increase after finding support around the $175 area, akin to Bitcoin and Ethereum. SOL ascended past the $180 mark, entering a short-term bullish territory.
The price even surpassed the $185 barrier. The bulls successfully pushed the price above the 50% Fibonacci retracement level of the downward slide from the $206 swing high to the $175 low. Additionally, a pivotal bullish trend line is forming with support at $190 on the hourly chart of the SOL/USD pair.
Solana is currently trading above $190 and the 100-hourly simple moving average. On the upside, the price encounters resistance near the $195 level, close to the 61.8% Fibonacci retracement level of the descent from the $206 swing high to the $175 low.
The following significant resistance is around the $198 mark. The primary resistance could be situated at $200. A successful closure beyond the $200 resistance area could establish the groundwork for another consistent rise. The subsequent key resistance stands at $212. Additional gains might propel the price toward the $225 level.
Are Drawbacks Restricted In SOL?
If SOL does not manage to climb above the $200 resistance, it might commence another downturn. Initial support on the downside is around the $190 area and the trend line. The first main support lies near the $188 level.
A breach below the $188 level could lead the price towards the $184 support zone. If there is a closure under the $184 support, the price may decline toward the $175 support in the near future.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining traction in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD remains above the 50 level.
Key Support Levels – $190 and $188.
Key Resistance Levels – $195 and $200.