Solana started a fresh increase above the $188 zone. SOL price is now consolidating gains and might aim for more gains above the $200 zone.
- SOL price started a fresh upward move above the $180 and $185 levels against the US Dollar.
- The price is now trading above $188 and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $190 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $200 resistance zone.
Solana Price Gains Momentum
Solana price started a decent increase after it found support near the $175 zone, like Bitcoin and Ethereum. SOL climbed above the $180 level to enter a short-term positive zone.
The price even smashed the $185 resistance. The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $206 swing high to the $175 low. There is also a key bullish trend line forming with support at $190 on the hourly chart of the SOL/USD pair.
Solana is now trading above $190 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $195 level. It is close to the 61.8% Fib retracement level of the downward move from the $206 swing high to the $175 low.
The next major resistance is near the $198 level. The main resistance could be $200. A successful close above the $200 resistance zone could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $225 level.
Are Downsides Limited In SOL?
If SOL fails to rise above the $200 resistance, it could start another decline. Initial support on the downside is near the $190 zone and the trend line. The first major support is near the $188 level.
A break below the $188 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 $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 – $190 and $188.
Major Resistance Levels – $195 and $200.
Credit: Source link