Solana has started a modern rally above the $200 support zone. SOL price is correcting upwards and must remain above $200 for a modern rally to occur.

• The SOL price has started a modern rally after stabilizing above the $188 level against the US dollar.
• The price is currently below $212 and the 100-hour basic moving average.
• There was a break below a key uptrend line with support at $210 on the hourly chart of SOL/USD (data source from Kraken).
• The pair could start a modern rally if bulls defend the $200 support zone.

Solana’s price begins a downward correction

Solana price has formed a support base and started a modern rally above the $185 level, similar to Bitcoin and Ethereum. There has been a forceful move above the $195 and $200 resistance levels.

The price even exceeded the level of $212. The maximum has formed at the level of $225 and the price is currently correcting its increases. There was a move below the $220 and $212 levels. The price fell below the 50% Fib retracement level as part of an upward move from a low of $195 to a high of $225.

There was a break below the key uptrend line with support at $210 on the hourly chart of SOL/USD. Solana is currently trading below $212 and the 100-hour basic moving average.

The price is currently approaching key support at $200 and the 76.4% Fib retracement level, an upward move from a low of $195 to a high of $225. On the other hand, the price faces resistance near the $208 level. The next major resistance is near the $212 level.

The main resistance could be $225. A successful close above the $225 resistance level could set the pace for further sustained growth. The next key resistance is $242. Any further gains could push the price towards the $250 level.

More losses in SOL?

If SOL does not break through the resistance at $212, it may continue to decline. Initial downside support is near the $202 level. The first major support is near the $200 level.

A break below the $200 level could push the price towards the $195 zone. If a close occurs below the $195 support, the price may drop towards the $185 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 – $200 and $195.

Major resistance levels – $208 and $212.