Solana Price Surges Above $190, Faces Resistance Near $200
Solana maintains stability above the $175 level, with SOL price recovering losses and encountering resistance near the $200 and $205 levels.
- SOL price initiated an increase after testing the $175 zone against the US Dollar.
- The price trades above $190 and the 100-hourly simple moving average.
- A break occurred above a bearish trend line with resistance at $185 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair may see further increases if bulls surpass the $205 zone.
Solana Price Eyes Upside Break
Solana price established a support base and began increasing from the $185 level, similar to Bitcoin and Ethereum. The price exceeded the $190 and $192 resistance levels.
A break above a bearish trend line with resistance at $190 occurred on the hourly chart of the SOL/USD pair. The price climbed above $195 and approached the 50% Fib retracement level of the decline from the $228 swing high to the $175 low.
Currently, the price faces hurdles near $200, trading above $190 and the 100-hourly simple moving average. Resistance is noted near the $202 level.
The next major resistance is around the $208 level or the 61.8% Fib retracement level from the $228 swing high to the $175 low. A significant resistance point could be $215. A close above the $220 resistance may facilitate a steady increase, targeting $235, with potential gains reaching toward the $250 level.
Potential Decline in SOL
If SOL does not surpass the $208 resistance, it may face a decline. Initial support is near the $195 level, with major support at $188.
A drop below the $180 level could lead to testing the $175 zone. A close beneath $175 might push the price down to the $162 support in the near term.
Technical Indicators:
Hourly MACD – The MACD for SOL/USD shows bullish momentum.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $195 and $188.
Major Resistance Levels – $208 and $215.