SOL Faces Headwinds: Can Bulls Regain Momentum?

Solana held over $215. SOL price is rebounding and experiencing challenges at $228 and $332.

After hitting $215 versus the US Dollar, SOL price rose.

The price is below $225 and the 100-hourly SMA.

SOL/USD broke over a negative trend line with resistance at $222 on the hourly chart.

If bulls break $228, the pair may rise again.
Solana Price Sees Rise

Solana price developed a solid foundation and increased from $215, but Bitcoin and Ethereum gained faster. The price rose over $218 and $220 barrier.

SOL/USD broke over a negative trend line with resistance at $222 on the hourly chart. Above $225, the pair challenged the 50% Fib retracement level of the decline from $234 swing high to $215 low.

However, the pricing faces numerous obstacles approaching $225. Solana is below $225 and the 100-hour SMA. The stock faces upward resistance at $225.

The next big obstacle is $228, the 61.8% Fib retracement level of the $234 swing high to $215 low decline. The $230 resistance may be key. A closing above $230 barrier might start another steady rise. The next hurdle is $235. More increases might push the price toward $250.

SOL Decline Again?

SOL might tumble again if it fails to break $228 support. The downside has initial support at $220. First main support is around $215.

A breach below $215 may push prices below $205. If the stock closes below $205, it may fall toward $200.

Tech Indicators

Hourly MACD - SOL/USD MACD is falling in the positive zone.

Hourly RSI – RSI for SOL/USD is below 50.

Major Support Levels: $220, $215.

Two major resistance levels: $228 and $230.

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