Solana started a fresh increase above the $200 zone. SOL price is now consolidating above $200 and might aim for more gains above the $208 zone.
The price even smashed the $198 resistance. The bulls were able to push the price above $200. The price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $177 swing low to the $204 high.
Solana is now trading above $200 and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $198 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $205. The next major resistance is near the $208 level. The main resistance could be $212. A successful close above the $212 resistance zone could set the pace for another steady increase. The next key resistance is $225. Any more gains might send the price toward the $232 level.
If SOL fails to rise above the $205 resistance, it could start another decline. Initial support on the downside is near the $198 zone and the trend line. The first major support is near the $192 level and the 50% Fib retracement level of the recent upward move from the $177 swing low to the $204 high.
A break below the $192 level might send the price toward the $184 support zone. If there is a close below the $184 support, the price could decline toward the $180 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 – $198 and $184.
Major Resistance Levels – $205 and $208.
