Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Solana (SOL) Needs to Hold $200 for Next Rally: Will It Succeed?

Source Newsbtc

Solana started a fresh increase above the $200 support zone. SOL price is correcting gains and must stay above $200 for a fresh increase.

SOL price started a fresh increase after it settled above the $188 level against the US Dollar.
The price is now trading below $212 and the 100-hourly simple moving average.
There was a break below a key bullish trend line with support at $210 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start a fresh increase if the bulls defend the $200 support zone.

Solana Price Starts Downside Correction

Solana price formed a support base and started a fresh increase above the $185 level like Bitcoin and Ethereum. There was a strong move above the $195 and $200 resistance levels.

The price even cleared the $212 level. A high was formed at $225 and the price is now correcting gains. There was a move below the $220 and $212 levels. The price dipped below the 50% Fib retracement level of the upward move from the $195 swing low to the $225 high.

There was a break below a key bullish trend line with support at $210 on the hourly chart of the SOL/USD pair. Solana is now trading below $212 and the 100-hourly simple moving average.

The price is now approaching the key support at $200 and the 76.4% Fib retracement level of the upward move from the $195 swing low to the $225 high. On the upside, the price is facing resistance near the $208 level. The next major resistance is near the $212 level.

The main resistance could be $225. A successful close above the $225 resistance level could set the pace for another steady increase. The next key resistance is $242. Any more gains might send the price toward the $250 level.

More Losses in SOL?

If SOL fails to rise above the $212 resistance, it could continue to move down. Initial support on the downside is near the $202 level. The first major support is near the $200 level.

A break below the $200 level might send the price toward the $195 zone. If there is a close below the $195 support, the price could decline toward the $185 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $200 and $195.

Major Resistance Levels – $208 and $212.

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

Recommended Articles

WTI (USOIL) Is down 2.13% on Sep 22: What Is Driving the Move?WTI (USOIL) is down 2.13% at Sep 22 05:55(ET), now at $89.999, with a 7-day down of 12.84%.What is driving WTI (USOIL)’s stock price down today?The retreat in US crude oil benchmark prices was primari

Author TradingKey

6 hours ago

WTI (USOIL) is down 2.13% at Sep 22 05:55(ET), now at $89.999, with a 7-day down of 12.84%.What is driving WTI (USOIL)’s stock price down today?The retreat in US crude oil benchmark prices was primari

Bitcoin Price Prediction: BTC Soars Past $87,000, Will It Continue to Rise This Year?Bitcoin Surges to Briefly Break $87,000; Where Is the Next Key Resistance Level?On September 22, Bitcoin (BTC) strongly broke through the past month's resistance level of $82,000, surging

Author TradingKey

8 hours ago

Bitcoin Surges to Briefly Break $87,000; Where Is the Next Key Resistance Level?On September 22, Bitcoin (BTC) strongly broke through the past month's resistance level of $82,000, surging

Bitcoin holds above $86,000 as four of five majors hit 3-month highs — why XRP is the odd one out Bitcoin broke above $86,000 for the first time since late January and four of the five largest cryptocurrencies hit three-month highs — but XRP, despite leading the 24-hour gains, is the only one that failed to confirm. Roughly $900 million of leveraged positions were liquidated in 24 hours, with shorts making up 86-90% of the total.

Author Suzie

9 hours ago

Bitcoin broke above $86,000 for the first time since late January and four of the five largest cryptocurrencies hit three-month highs — but XRP, despite leading the 24-hour gains, is the only one that failed to confirm. Roughly $900 million of leveraged positions were liquidated in 24 hours, with shorts making up 86-90% of the total.

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

10 hours ago

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Bitcoin rallies near $86K on improving markets ahead of quarterly options expiry Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000.

Author FXStreet

15 hours ago

Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000.

Popular Symbols