Solana Price Consolidates Above $200, Eyes $212 Resistance

Solana (SOL) is experiencing an upward trend, consolidating above $200 with potential for further gains. Key points include:

SOL price increased above $192 and $202 against the US Dollar.
Current trading is above $200 and the 100-hourly simple moving average.
A rising channel is forming with support at $205 on the hourly chart.
Price may extend gains if it surpasses the $212 resistance level.

Price Movement Overview

After finding support near $188, SOL climbed above $195, breaking the $202 resistance. It reached a high of $213, currently consolidating gains above the 23.6% Fib retracement level from $177 to $213.

Resistance levels are identified at $212, $215, and potentially $220. A close above $220 could lead to further increases toward $225 and $232.

Potential Downside Risks

If SOL fails to breach the $212 resistance, it may experience a decline. Initial support is around $205, with major support at $202. A drop below $202 could target the $195 support zone and possibly $188.

Technical indicators show that the MACD is bullish, and the RSI is above 50.