Solana held above $175. SOL price bounces back and faces challenges at $200 and $205.
SOL price rose after reaching $175 against the US Dollar.
The price is above $190 and the 100 hourly simple moving average.
SOL/USD broke above a bearish trend line with resistance at $185 on the hourly chart.
If the bulls manage to break $205, the pair may rise again.
Solana price is on the rise
Solana price developed a solid foundation and rose from $185 like Bitcoin and Ethereum. A significant surge occurred above $190 and $192.
SOL/USD broke above a bearish trend line with resistance at $190 on the hourly chart. Above $195, the pair challenged the 50% Fib retracement level of the decline from the $228 high to $175 low.
The price is currently facing several hurdles near $200. Above $190 and the 100-hour simple moving average, Solana is trading. At $202, the price is facing resistance on the upside.
The next big hurdle is $208, the 61.8% Fib retracement level of the decline from the $228 high to $175 low. $215 resistance could be key. A close above $220 could start another sustained rise. The next hurdle is $235. Further rises could push the price towards $250.
Will SOL go down again?
SOL could decline again if it fails to break the $208 barrier. The initial support is on the downside at $195. Near $188 is the first major support.
A break below $180 could push the price near $175. If the price closes below $175, it could drop to $162.
Technical indicators
The hourly MACD for SOL/USD is rising in the positive zone.
Hourly RSI - The RSI for SOL/USD is above 50.
Key support levels: $195, $188.
$208–$215 are major resistance levels.