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Solana (SOL) at a Crossroads: Can It Break Through and Turn Bullish?

Source Newsbtc

Solana started a fresh decline from the $220 zone. SOL price is consolidating and might face resistance near the $215 and $220 levels.

SOL price started a fresh decline below the $215 and $212 levels against the US Dollar.
The price is now trading below $212 and the 100-hourly simple moving average.
There is a short-term declining channel or a bullish flag forming with resistance at $213 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 $220 zone.

Solana Price Faces Resistance

Solana price struggled to clear the $250 resistance and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $220 and $200 support levels.

It even dived below the $180 level. The recent low was formed at $175 before the price climbed and tested the $220 resistance. A high was formed at $220 and the price is now consolidating. There was a drop below the 23.6% Fib retracement level of the upward move from the $175 swing low to the $220 high.

Solana is now trading below $220 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $212 level. There is also a short-term declining channel or a bullish flag forming with resistance at $213 on the hourly chart of the SOL/USD pair.

The next major resistance is near the $215 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 $250 level.

Another Decline in SOL?

If SOL fails to rise above the $215 resistance, it could start another decline. Initial support on the downside is near the $202 zone. The first major support is near the $198 level or the 50% Fib retracement level of the upward move from the $175 swing low to the $220 high.

A break below the $198 level might send the price toward the $192 zone. If there is a close below the $192 support, the price could decline toward the $175 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 – $202 and $198.

Major Resistance Levels – $215 and $220.

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

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