Solana Price Marches Toward $200, Why SOL Turned Attractive On Dips

Source Newsbtc
May 21, 2024 03:28

Solana started a fresh increase above the $175 resistance. SOL price is up nearly 10% and might continue to rise if it clears the $188 resistance.

  • SOL price jumped higher and tested the $188 resistance against the US Dollar.
  • The price is now trading above $180 and the 100-hourly simple moving average.
  • There is a key bullish trend line forming with support at $175 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could clear the $188 resistance unless it fails to stay above $175.

Solana Price Starts Fresh Surge

Solana price formed a support base near the $166 level and started a fresh increase. SOL followed recent Bitcoin and Ethereum surge to move into a positive zone.

There was a move above the $175 and $180 resistance levels. The price even tested the $188 resistance. A high was formed at $188.00 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $166 swing low to the $188 high.

Solana is now trading above $188 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $175 on the hourly chart of the SOL/USD pair.

Solana Price

Immediate resistance is near the $185 level. The next major resistance is near the $188 level. A successful close above the $188 resistance could set the pace for another major increase. The next key resistance is near $195. Any more gains might send the price toward the $200 level.

Are Dips Supported in SOL?

If SOL fails to rally above the $188 resistance, it could start a downside correction. Initial support on the downside is near the $182 level. The first major support is near the $178 level and the trend line.

The 50% Fib retracement level of the upward move from the $166 swing low to the $188 high is also at $178, below which the price could test $175. If there is a close below the $175 support, the price could decline toward the $166 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 – $158, and $152.

Major Resistance Levels – $165, $172, and $180.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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