Solana remains stable above $175. The SOL price is currently recovering losses and facing obstacles around $200 and $205.
The SOL price began a new round of upward movement after testing the $175 exchange rate area against the dollar.
The current price is above $190 and the 100-hour simple moving average.
On the hour chart of SOL/USD, it broke through the connecting bearish trend line, with resistance at $185 (data sourced from Kraken).
If the bulls break through the $205 area, the currency pair may begin a new round of upward movement.
Solana price is expected to break upward
Solana's price has formed a support base and has begun a new round of upward movement from the $185 level, similar to Bitcoin and Ethereum. There is a considerable increase above the resistance levels of $190 and $192.
On the hour chart of the SOL/USD currency pair, it broke through the connecting bearish trend line, with resistance at $190. The currency pair rose above $195 and tested the 50% Fibonacci retracement level of the downward trend from the fluctuation high of $228 to the low of $175.
However, the price currently faces many obstacles around $200. Solana's current trading price is above $190 and the 100-hour simple moving average. On the upside, the price faces resistance near $202.
The next major resistance level is near $208, which is the 61.8% Fibonacci retracement level of the downward trend from the high of $228 to the low of $175. The main resistance level could be $215. A successful close above the $220 resistance level may lay the foundation for a steady rise again. The next key resistance level is $235. Any further increase could push the price towards the $250 level.
Is SOL declining again?
If SOL fails to break through the resistance level of $208, it may decline again. The initial support level on the downside is around $195. The first major support level is around $188.
A drop below the $180 level could push the price down towards the $175 area. If the closing price is below the support level of $175, the price may fall towards the support level of $162 in the short term.
Technical indicators
Hourly MACD - The MACD for SOL/USD is accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for SOL/USD is above the 50 level.
Main support levels - $195 and $188.
Main resistance levels - $208 and $215.
