🚀🚀🚀 $SOL #Bulls Take Charge: Is a New High Coming?
Solana Price Recovers, Faces Resistance Near $200
- Solana (SOL) is trading at $197.43, showing signs of recovery after recent dips. The price now approaches key resistance levels near $200 and $205.
Key Developments in SOL Price Action
1. SOL rebounded from the $175 support zone and climbed above $190 against the US Dollar.
2. The price is currently trading above $197 and the 100-hourly simple moving average.
3. A breakout above a bearish trend line at $185 was observed on the hourly SOL/USD chart (data source: Kraken).
4. The price faces immediate resistance around $200 and $208.
Resistance Levels and Potential Upside
- SOL is consolidating near $197.43, with immediate resistance at $200, followed by a significant hurdle at $208, aligning with the 61.8% Fibonacci retracement level of the decline from $228 to $175.
1. If bulls manage to push SOL above $208, a sustained breakout could lead to further gains. Targets include:
2. $215 as the next resistance level.A potential rally toward $235 and eventually $250 if momentum continues.
Risks of a Downturn
Failure to clear the $208 resistance could trigger a decline. Key support levels to watch are:
1. Initial support at $195.Stronger support near $188.
2. If SOL falls below $175, the price could extend losses toward $162.
Technical Indicators
- Hourly #MACD : Bullish momentum is gaining strength.
- Hourly RSI: Positioned above 50, indicating positive sentiment.
- Support Levels: $195, $188.
- Resistance Levels: $200, $208, $215.
