Solana has started a new rally above the $188 zone. SOL price is currently stable above $200 and could aim for further gains above the $208 zone.
SOL price started a new rally above the $185 and $188 levels against the US dollar. The price is currently trading above $200 and the 100 hourly simple moving average. On the hourly chart of the SOL/USD pair, a bullish trend line is forming with support at $199 (data source: Kraken). The stock could move higher if it breaks out of the $208 resistance zone.
Solana price further rises above $200
After settling above the $172 zone, Solana’s price started a decent rally and outperformed Bitcoin and Ethereum. SOL broke through the $180 level and entered short-term positive territory.
The price even broke the $188 resistance. The bulls were able to push the price above the major decline 61.8% Fib retracement level 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 $199.
Solana is currently trading above $202 and its 100-hour simple moving average. On the upside, the price faces resistance near the $208 level and the 76.4% Fib retracement level of the main decline from the swing high of $225 to the low of $155. The next major resistance level is near the $218 level.
The main resistance level could be at $225. A close above the $225 resistance zone could set the pace for further steady upside. The next major resistance level is $242. Any further rise could push the price closer to the $250 level.
Pullback again with SOL?
If SOL fails to break above the $208 resistance level, further decline could begin. Initial support on the downside is near the $199 zone and trend line. The first major support is located around the $195 level.
Once below the $195 level, the price may head towards the $190 support zone. If there is a close below the $190 support, the price could fall towards the $180 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 – $199 and $190.
Key resistance levels – $208 and $218.
