Solana started a up-to-date rally above the support zone at $172. SOL price is rising and may soon seek a move towards the $200 level.

• The SOL price has started a up-to-date rally after stabilizing above the $165 level against the US dollar.
• The price is currently above $172 and the 100-hour straightforward moving average.
• On the hourly chart, the SOL/USD pair broke above the key bearish trend line with resistance at $162 (data source Kraken).
• The pair may continue to rise if it breaks the resistance zone at $192.

Solana Price starts a up-to-date rally

Solana price formed a support base and started a up-to-date rally above the $162 level, similar to Bitcoin and Ethereum. There was a sturdy move above the resistance levels of $165 and $172.

On the hourly chart, the SOL/USD pair broke out above the key bearish trend line with resistance at $162. The price even exceeded the level of $185. The highest level is formed at $192, and the price is currently consolidating its increases. The stock is trading above the 23.6% Fib retracement level, representing an upward move from a low of $155 to a high of $192.

Solana is currently trading above $172 and the 100-hour straightforward 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 could be $200. A successful close above the $200 resistance level could set the pace for further sustained growth. The next key resistance is $212. Any further gains could push the price towards the $220 level.

Another decline in SOL?

If SOL fails to break above the resistance at $192, it could start a downside correction. Initial downside support is near the $188 level. The first major support is near the $180 level.

A break below the $180 level could push the price towards the $172 zone or the 50% Fib retracement level in an upward move from the $155 low to the $192 high. If a close occurs below the support at $172, the price may drop towards the support at $165 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.

Major support levels – $188 and $185.

Major resistance levels – $192 and $200.