Solana remained stable above the $175 level. SOL price is now recovering losses and facing barriers near $200 and $205 levels.
- After testing the $175 zone against the USD, SOL price started a fresh rally.
- The price is now trading above $190 and the 100 hourly simple moving average.
- On the hourly chart of the SOL/USD pair (data source from Kraken), the downtrend line of the connection with the $185 resistance was broken.
- If the bulls clear the $205 area, the pair could start a fresh rally.
Solana, the price of eyes falling upward
Solana price formed a support base and started a new rally from the $185 level Bitcoin and Ethereum. There was a significant rally above the $190 and $192 resistance levels.
On the hourly chart of the SOL/USD pair, there was a break above the downtrend line attached to the $190 resistance. The pair climbed above $195 and tested the 50% Fib retracement level of the downside move from $228 to $175.
However, the price is currently facing many hurdles near $200. Solana is now trading above $190 and the 100 hourly simple moving average. In the uptrend, the price is facing resistance near the $202 level.
The next major resistance is near the $208 level or the 61.8% Fib retracement level of the downside move from $228 to $175. The main resistance could be $215. A successful close above the $220 resistance level could trigger another steady uptrend. The next key resistance is $235. Any further gains may push the price to the $250 level.
Another cut in SOL?
If SOL fails to break above the $208 resistance, it may initiate another decline. Primary support on the downside is near the $195 level. The first major support is near the $188 level.
A break below the $180 level may push the price towards the $175 area. If it closes below the $175 support level, the price may drop towards the $162 support in the short term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is rising in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $195 and $188.
Key resistance levels – $208 and $215.
