Solana (SOL) Pushes Higher Again – Has It Finally Found Its Short-Term Bottom?
Solana started a fresh increase above the $ 180 zone. SOL price is now consolidating above $ 185 and might aim for more gains above the $ 200 zone.
- SOL price started a fresh upward move above the $ 175 and $ 180 levels against the US Dollar.
- The price is now trading below $ 200 and the 100-hourly simple moving average.
- There is a bullish trend line forming with support at $ 188 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could extend gains if it clears the $ 200 resistance zone.
Solana Price Eyes More Gains
Solana price started a decent increase after it found support near the $ 155 zone, beating Bitcoin and Ethereum. SOL climbed above the $ 172 level to enter a short-term positive zone.
The price even smashed the $ 180 resistance. The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $ 225 swing high to the $ 155 low. Besides, there is a bullish trend line forming with support at $ 188 on the hourly chart of the SOL/USD pair.
Solana is now trading below $ 200 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $ 198 level and the 61.8% Fib retracement level of the downward move from the $ 225 swing high to the $ 155 low. The next major resistance is near the $ 200 level.
The main resistance could be $ 205. A successful close above the $ 205 resistance zone could set the pace for another steady increase. The next key resistance is $ 212. Any more gains might send the price toward the $ 220 level.
Another Decline In SOL?
If SOL fails to rise above the $ 200 resistance, it could start another decline. Initial support on the downside is near the $ 190 zone and the trend line. The first major support is near the $ 182 level.
A break below the $ 182 level might send the price toward the $ 175 support zone. If there is a close below the $ 175 support, the price could decline toward the $ 160 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 – $ 188 and $ 182.
Major Resistance Levels – $ 198 and $ 200.