Solana Price Faces Resistance Near $220 After Recovery from $204
Solana (SOL) initiated a correction below the $230 level but is currently experiencing a recovery, facing resistance near $220.
- SOL price began to rise after testing the $204 zone against the US Dollar.
- The price trades below $230 and the 100-hourly simple moving average.
- A key bearish trend line with resistance at $220 is forming on the hourly chart of the SOL/USD pair (data source from Kraken).
- A fresh increase could occur if the bulls surpass the $220 zone.
Solana Price Eyes Upside Break
The price formed a support base and increased from the $204 level, similar to Bitcoin and Ethereum. The price surpassed the $210 and $212 resistance levels.
It moved above the 23.6% Fib retracement level of the decline from the $243 swing high to the $203 low. However, hurdles persist near $220. Solana trades above $218 and the 100-hourly simple moving average.
Resistance exists at $220, alongside a bearish trend line on the hourly chart of the SOL/USD pair.
The next significant resistance is at $224 or the 50% Fib retracement level from the $243 swing high to the $203 low, with further resistance at $228. A successful close above $228 may lead to another steady increase, targeting $235 and potentially $250.
Another Decline in SOL?
If SOL does not break above the $220 resistance, another decline may occur. Initial support is near $212, with major support at $205.
A drop below $205 could lead towards the $200 zone. A close under $200 might result in a decline to approximately $188.
Technical Indicators:
- Hourly MACD: Gaining momentum in the bullish zone.
- Hourly RSI: Above the 50 level.
- Major Support Levels: $212 and $205.
- Major Resistance Levels: $220 and $228.