Solana Price Consolidates Above $212, Eyes Breakout Above $220

Solana (SOL) Price Update

SOL price increased above the $205 and $212 levels.
Current trading is above $212 and the 100-hourly simple moving average.
A bullish trend line is forming with support at $216 on the hourly chart.
Price could gain further if it surpasses resistance at $220.

Market Movement

After finding support around $202, SOL moved past $208, entering a positive territory. It broke the $215 resistance and reached a high of $220, consolidating gains above the 23.6% Fibonacci retracement level from the swing low of $199 to the high of $220.

Resistance levels ahead are at $220, $228, and $232. A close above $232 may lead to further increases towards $244 and potentially $250.

Potential Downside Risks

If SOL cannot break the $220 resistance, it might face a decline. Initial support is at $216, followed by $210, which aligns with the 50% Fibonacci retracement level. A drop below $210 could push the price down to the $202 support zone, and further decline may reach $195.

Technical Indicators

Hourly MACD indicates bullish momentum.
RSI for SOL/USD is above 50.
Major supports are at $216 and $210.
Major resistances are at $220 and $232.