Solana remained stable above the $175 level. SOL price is currently recovering and facing obstacles near the $200 and $205 levels.

• SOL price has started a recent rally after testing the $175 zone against the US dollar.
• The price is currently above $190 and the 100-hour plain moving average.
• SOL/USD has broken above the converging bearish trend line with resistance at $185 on the SOL/USD hourly chart (data source Kraken).
• The pair could start a recent rally if the bulls circle the $205 zone.

Solana Price Eyes Breakthrough Up

Solana price formed a support base and started a recent rally from the $185 level, similar to Bitcoin and Ethereum. There has been a decent rally above the $190 and $192 resistance levels.

On the hourly chart, SOL/USD broke out above the converging bearish trend line with resistance at $190. The pair climbed above $195 and tested the 50% Fib retracement level in a move down from a high of $228 to a low of $175.

However, the price currently faces many obstacles near $200. Solana is currently trading above $190 and the 100-hour plain moving average. On the other hand, the price is facing resistance near the $202 level.

The next major resistance is located near the $208 level, or the 61.8% Fib retracement level, which is the result of a downward move from a high at $228 to a low at $175. The main resistance could be $215. A successful close above the $220 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 $208, another decline could begin. Initial downside support is near the $195 level. The first major support is located near the $188 level.

A break below the $180 level could push the price towards the $175 zone. If a close occurs below the $175 support, the price could drop towards the $162 support in the near future.

Technical indicators

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

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

Main support levels – $195 and $188.

Major resistance levels – $208 and $215.