Solana Price Consolidates Above $215 with Potential Gains Ahead

Solana (SOL) is experiencing a price increase, consolidating above $215 and aiming for further gains.

SOL price rose above $212 and $215 against the US Dollar.
Currently trading above $215 and the 100-hour moving average.
A bullish trend line has formed with support at $222 on the hourly chart.
The price could continue to rise if it surpasses the $225 resistance zone.

Price Movement Overview

After finding support near $205, SOL surpassed key resistance levels, reaching $226. The price is consolidating above the 23.6% Fibonacci retracement level from the recent low of $199.

Current resistance levels are at $225 and $232, with major resistance at $235. A close above $235 may lead to further increases toward $245 and potentially $250.

Possible Downside Risks

If SOL does not break above $225, a decline may occur, with initial support at $222 and then at $212 or the 50% Fibonacci retracement level. A drop below $212 could lead the price towards the $205 support area, and below $205, it might test the $200 level.

Technical indicators show:

MACD gaining momentum in the bullish zone.
RSI above 50.

Major support remains at $222 and $212, while resistance is noted at $225 and $235.