NewsBTC
16 December 2024
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Solana Price Remains Above $215 but Faces Resistance Near $225

Solana (SOL) is stable above $215, currently recovering losses and facing resistance near $228 and $230.

  • SOL price began to rise after testing the $215 zone against the US Dollar.
  • The price trades below $225 and the 100-hourly simple moving average.
  • A break occurred above a bearish trend line with resistance at $222 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair may continue to increase if it surpasses the $228 zone.

Solana Price Eyes Upside Break

After forming a support base, Solana's price began increasing from $215 but lacks momentum compared to Bitcoin and Ethereum. The price rose above the $218 and $220 resistance levels.

A break above the bearish trend line at $222 has been noted. The price climbed above $225 and approached the 50% Fibonacci retracement level of the decline from $234 to $215.

Currently, Solana faces hurdles near $225 and trades below this level along with the 100-hourly simple moving average. Resistance is noted at $225.

Solana Price

The next major resistance is near $228 or the 61.8% Fibonacci retracement level of the decline from $234 to $215. A successful close above $230 could lead to further increases, potentially reaching $235 and then $250.

Another Decline in SOL?

If SOL does not break above the $228 resistance, another decline may occur. Initial support is near $220, while significant support lies at $215.

A drop below $215 could lead to a move toward the $205 zone. A close beneath $205 may push the price down to the $200 support level in the near term.

Technical Indicators:

  • Hourly MACD: Losing pace in the bullish zone.
  • Hourly RSI: Below the 50 level.
  • Major Support Levels: $220 and $215.
  • Major Resistance Levels: $228 and $230.