Solana (SOL) Faces Headwinds: Can Bulls Regain Momentum?

Solana remained stable above the $215 level. SOL price is currently recovering and facing obstacles near the $228 and $332 levels.

SOL price has started a recent rally after testing the $215 zone against the US Dollar.
The price is currently below $225 and the 100-hour uncomplicated moving average.
SOL/USD has broken above the converging bearish trend line with resistance at $222 on the SOL/USD hourly chart (data source Kraken).
The pair could start a recent rally if the bulls circle the $228 zone.

Solana Price Eyes Breakthrough Up

Solana price formed a support base and started a recent rally from $215, but lagged behind Bitcoin and Ethereum. There has been a decent rally above the $218 and $220 resistance levels.

On the hourly chart, SOL/USD broke out above the converging bearish trend line with resistance at $222. The pair climbed above $225 and tested the 50% Fib retracement level in a move down from a high of $234 to a low of $215.

However, the price currently faces many obstacles near $225. Solana is currently trading below $225 and the 100-hour uncomplicated moving average. On the other hand, the price is facing resistance near the $225 level.

The next major resistance is located near the $228 level, or the 61.8% Fib retracement level, which is the result of a downward move from the high of $234 to the low of $215. The main resistance could be $230. A successful close above the $230 resistance level could set the pace for further sustained growth. The next key resistance is $235. Any further gains could push the price towards the $250 level.

Another SOL decline?

If SOL fails to break above the resistance at $228, another decline could begin. Initial downside support is near the $220 level. The first major support is near the $215 level.

A break below the $215 level could push the price towards the $205 zone. If a close occurs below the $205 support, the price could drop towards the $200 support in the near future.

Technical indicators

Hourly MACD – MACD for SOL/USD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Main support levels – $220 and $215.

Major resistance levels – $228 and $230.