Solana remained stable above the $215 level. SOL price is now retracing losses and facing barriers near $228 and $332 levels.
- The price of SOL started to rise again after testing the $215 area against the US Dollar.
- The price is now trading below $225 and the 100 hourly simple moving average.
- There was a break above the bearish line connecting with resistance at $222 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 $228 area.
Solana Price Eyes Upside Break
The price of Solana formed a support base and started a new rise from the $215 level but remained with momentum like Bitcoin and Ethereum. There was a decent move above the $218 and $220 resistance levels.
There was a break above the bearish line connecting with resistance at $222 on the SOL/USD hourly chart. The pair rose above $225 and tested the 50% Fib retracement level of the downside from the $234 swing high to the $215 low.
However, the price is now facing many obstacles near $225. Solana is now trading below $225 and the 100 hourly simple moving average. On the other hand, the price is facing resistance near the $225 level.
The next major resistance is near the $228 level or the 61.8% Fib retracement level of the downside from the $234 swing high to the $215 low. The main resistance would be $230. A successful close above the $230 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 $228 resistance, it could start another decline. The first support on the downside is near the $220 level. The first major support is near the $215 level.
A break below the $215 level would send the price to the $205 area. If there is a close below the $205 support, the price may drop to the $200 support in the near term.
Technical References
Hourly MACD – The SOL/USD MACD is losing momentum in bullish territory.
Hourly RSI (Relative Strength Index) – RSI for SOL/USD is below the 50 level.
Major Support Levels – $220 and $215.
Major Resistance Levels – $228 and $230.
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