Solana has started a new rally above the $180 zone. SOL price is currently holding steady above $185 and could aim for further gains above the $200 zone.
SOL price started a new rally above the $175 and $180 levels against the US dollar. Price is currently trading below $200 and the 100 hourly simple moving average. On the hourly chart of the SOL/USD pair, a bullish trendline is forming with support at $188 (data source: Kraken). If the stock can break out of the $200 resistance zone, the stock could move higher.
Solana Price aims for more profits
Solana price started a decent rally after finding support around the $155 zone, outperforming Bitcoin and Ethereum. SOL has crossed the $172 level and entered short-term positive territory.
The price even broke the $180 resistance. The bulls were able to push the price above the 50% Fib retracement level of the decline from the swing high of $225 to the low of $155. Furthermore, on the hourly chart of the SOL/USD pair, a bullish trend line has formed with support at $188.
Solana is currently trading below $200 and its 100-hourly simple moving average. On the upside, the price faces resistance near the $198 level and the 61.8% Fib retracement level of the decline from the $225 high to the $155 low. The next major resistance level is near the $200 level.
The main resistance level could be at $205. A close above the $205 resistance zone could set the pace for another steady rise. The next major resistance level is $212. Any further rise could send the price towards the $220 level.
Another decline in SOL?
If SOL fails to break above the $200 resistance level, further decline could begin. Initial support on the downside is near the $190 zone and trend line. The first major support is located around the $182 level.
Once below the $182 level, the price may head towards the $175 support zone. If there is a close below the $175 support, the price could fall towards the $160 support in the short term.
technical indicators
Hourly MACD – The MACD for SOL/USD is pacing in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – $188 and $182.
Key resistance levels – $198 and $200.
