Solana started a fresh increase above the $185 zone. SOL price is now correcting gains and might find bids near the $195 support zone
SOL price started a fresh upward move above the $185 and $192 levels against the US Dollar.
The price is now trading above $195 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $199 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $205 resistance zone.
Solana Price Gains Momentum
Solana price started a decent increase after it cleared the $180 resistance, like Bitcoin and Ethereum. SOL climbed above the $185 level to enter a short-term positive zone.
The price even smashed the $200 resistance. A high was formed at $207 and the price is now correcting gains. There was a move below the $205 level and toward the 23.6% Fib retracement level of the upward move from the $178 swing low to the $207 high.
Solana is now trading above $195 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $199 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $205 level. The next major resistance is near the $208 level. The main resistance could be $215. A successful close above the $215 resistance zone could set the pace for another steady increase. The next key resistance is $232. Any more gains might send the price toward the $245 level.
Are Downsides Limited In SOL?
If SOL fails to rise above the $208 resistance, it could start another decline. Initial support on the downside is near the $199 zone and the trend line. The first major support is near the $195 level.
A break below the $195 level might send the price toward the $192 support zone or the 50% Fib retracement level of the upward move from the $178 swing low to the $207 high. If there is a close below the $192 support, the price could decline toward the $185 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $199 and $192.
Major Resistance Levels – $208 and $215.
