Solana remained stable above the level of $ 175. The price of SOL is now experiencing losses and facing obstacles near the levels of $ 200 and $ 205.
- The price of SOL started to rise again after testing the $175 area against the US Dollar.
- The price is now trading above $190 and the 100 hourly simple moving average.
- There was a break above the bearish line connecting to the $185 resistance on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a new rally if the bulls clear the $205 area.
Solana Price Eyes Upside Break
Solana price formed a support base and started a new rise from the $185 level like Bitcoin and Ethereum. There was a decent move above the $190 and $192 resistance levels.
There was a break above the bearish line connecting to $190 resistance on the SOL/USD hourly chart. The pair rose above $195 and tested the 50% Fib retracement level of the downside from the $228 swing high to the $175 low.
However, the price is now facing many obstacles near $200. Solana is now trading above $190 and the 100 hourly simple moving average. On the other hand, the price is facing resistance near the $202 level.
The next major resistance is near the $208 level or the 61.8% Fib retracement level of the downside from the $228 swing high to the $175 low. The main resistance would be $215. A successful close above the $220 resistance level could set the pace for further upside. The next key resistance is $235. Any further gains could send the price to the $250 level.
Another Refusal to SOL?
If SOL fails to rise above the $208 resistance, it could start another decline. The first support on the downside is near the $195 level. The first major support is near the $188 level.
A break below the $180 level would send the price to the $175 area. If there is a close below the $175 support, the price may drop to the $162 support in the near term.
Technical References
Hourly MACD – The SOL/USD MACD is gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – RSI for SOL/USD is above the 50 level.
Major Support Levels – $195 and $188.
Major Resistance Levels – $208 and $215.
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