Solana started a new rise above the $172 support area. The price of SOL is rising and may soon head towards the $200 level.
- The price of SOL started to rise again after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100 hourly simple moving average.
- There was a break above the main bearish line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- This pair can continue to rise if it clears the $192 resistance area.
Solana Price Starts New Rally
Solana price formed a support base and started a new rise above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above the main bearish line with resistance at $162 on the SOL/USD hourly chart. The price also cleared the $185 level. The top was built for $192 and the price now includes benefits. It is trading above the 23.6% Fib retracement level to the upside from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100 hourly simple moving average. On the other hand, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance would be $200. A successful close above the $200 resistance level could set the pace for further upside. The next key resistance is $212. Any further gains could send the price to the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downward correction. The first support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level could send the price to the $172 area or the 50% Fib retracement level of the upside from the $155 swing high to $192. If there is a close below the $172 support, the price may drop to the $165 support in the near term.
Technical References
Hourly MACD – MACD for SOL/USD is trending in bullish territory.
Hourly RSI (Relative Strength Index) – RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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