Solana Price Recovery Aiming for Break Above $205 Resistance
Solana (SOL) Price Analysis
- SOL price began a recovery after testing the $195 level against the US Dollar.
- Current trading is below $205 and the 100-hourly simple moving average.
- A break occurred above a bearish trend line at $201 on the SOL/USD hourly chart.
- A potential increase may happen if SOL clears the $205 resistance.
After closing below $205, Solana experienced losses similar to other cryptocurrencies. It traded below both $200 and $195, entering a short-term bearish phase with a low of $194. The price has since surpassed resistance levels at $198 and $200.
- Resistance is noted near $202 and $205, with crucial resistance at $209.
- A close above $209 could lead to further increases towards $218 and potentially $225.
If SOL does not rise above $205, it might decline further. Initial support is at $200, with major support at $195. A drop below $195 could lead to a move towards the $188 support zone, and below that, towards $184.
- Hourly MACD indicates a bullish trend.
- RSI for SOL/USD is above 50.
- Key support levels are $200 and $195.
- Key resistance levels are $205 and $209.