Solana remains stable above the $175 level. The SOL price is now recovering losses and facing obstacles near $200 and $205.
The SOL price began a new round of increases after testing the $175 area against the dollar.
The price is now trading above $190 and the 100-hour simple moving average.
On the hourly chart of the SOL/USD currency pair, a bearish trend line has been broken, with resistance at $185 (data source from Kraken).
If the bulls break above the $205 area, the currency pair may start a new rise.
Solana price is expected to break upward
The Solana price has formed a support base and, like Bitcoin and Ethereum, started a new rise from the $185 level. There is considerable upward movement above the resistance levels of $190 and $192.
On the hourly chart of the SOL/USD currency pair, a bearish trend line has been broken, with resistance at $190. The currency pair rose above $195 and tested the 175% Fibonacci retracement level moving down from the swing high of $50 to the low of $228.
However, the price is currently facing many obstacles around $200. Solana's current trading price is above $190 and the 100-hour simple moving average. On the positive side, there is resistance around $202.
Source: SOLUSD on TradingView.com
The next major resistance level is near $208 or around the 175% Fibonacci retracement level from the swing high of $61.8 to the low of $228. Major resistance may be at $215. A successful close above the $220 resistance level could lay the groundwork for another steady rise. The next key resistance level is $235. Any further gains could bring the price close to the $250 level.
Is SOL dropping again?
If SOL fails to rise above the $208 resistance level, it may start another decline. 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 towards the $175 area. If the closing price is below the $175 support level, the price may fall towards the $162 support level 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.
Major support levels - $195 and $188.
Major resistance levels - $208 and $215.
