Solana started a decent rally above the resistance at $188. SOL is back above $200 and may struggle to stay above $205.
- SOL price has started a modern rally above the levels of $185 and $188 against the US dollar.
- The price is currently above $195 and the 100-hour basic moving average.
- A connecting bullish trend line is forming on the hourly chart of SOL/USD with support at $196 (data source from Kraken).
- The pair could start a modern rally if the bulls circle the $205 zone.
Solana price recovers $200
Solana price formed a base above $175 and started a decent upward move, similar to Bitcoin and Ethereum. SOL was able to climb above the $180 and $185 resistance levels.
The bulls pushed the stock above the resistance at $188 and then $200. The high has formed at $206 and the price is currently consolidating gains near the 23.6% Fib retracement level resulting from the upward move from the high of $186 to the low of $206.
Solana is currently trading above $195 and the 100-hour basic moving average. A connecting bullish trend line is also forming on the hourly chart of SOL/USD with support at $196. On the other hand, the price faces resistance near the $205 level.
The next major resistance is near the $212 level. The main resistance could be $220. A successful close above the $220 resistance zone could set the pace for further sustained growth. The next key resistance is $232. Any further gains could push the price towards the $245 level.
Another SOL decline?
If SOL fails to break above the resistance at $205, another decline could begin. Initial downside support is located near the $196 zone and trend line. The first major support is located near the $190 level or the 76.4% Fib retracement level, a sign of an upward move from a high at $186 to a low of $206.
A break below the $190 level could push the price towards the $185 zone. If a close occurs below the $185 support, the price may drop towards the $172 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 above the 50 level.
Main support levels – $196 and $190.
Major resistance levels – $205 and $212.