Solana started a fresh increase from the $175 zone. SOL price is now up nearly 10% and might aim for more gains above the $200 zone.
The price even smashed the $192 resistance. There was a break above a bearish trend line with resistance at $178 on the hourly chart of the SOL/USD pair. The bulls were able to push the price above the $195 barrier. A high was formed at $199 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $173 swing low to the $199 high.
Solana is now trading above $192 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $200 level. The next major resistance is near the $202 level.
If SOL fails to rise above the $200 resistance, it could start another decline. Initial support on the downside is near the $194 zone. The first major support is near the $186 level or the 50% Fib retracement level of the upward move from the $173 swing low to the $199 high.
A break below the $186 level might send the price toward the $180 support zone. If there is a close below the $180 support, the price could decline toward the $175 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $194 and $186.
Major Resistance Levels – $200 and $212.
