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Solana (SOL) Back Above $200: Will It Hold or Fade?

Source Newsbtc

Solana started a decent increase above the $188 resistance. SOL price is back above $200 and might struggle to continue higher above $205.

SOL price started a fresh increase above the $185 and $188 levels against the US Dollar.
The price is now trading above $195 and the 100-hourly simple moving average.
There is a connecting bullish trend line forming with support at $196 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start a fresh increase if the bulls clear the $205 zone.

Solana Price Reclaims $200

Solana price formed a base above $175 and started a decent upward move, like Bitcoin and Ethereum. SOL was able to climb above the $180 and $185 resistance levels.

The bulls pushed it above the $188 resistance and then $200. A high was formed at $206 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $186 swing high to the $206 low.

Solana is now trading above $195 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $196 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $205 level.

The next major resistance is near the $212 level. The main resistance could be $220. A successful close above the $220 resistance zone could set the pace for another steady increase. The next key resistance is $232. Any more gains might send the price toward the $245 level.

Another Decline in SOL?

If SOL fails to rise above the $205 resistance, it could start another decline. Initial support on the downside is near the $196 zone and the trend line. The first major support is near the $190 level or the 76.4% Fib retracement level of the upward move from the $186 swing high to the $206 low.

A break below the $190 level might send the price toward the $185 zone. If there is a close below the $185 support, the price could decline toward the $172 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 above the 50 level.

Major Support Levels – $196 and $190.

Major Resistance Levels – $205 and $212.

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

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