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 USD exchange rate area.
The current price is above $190 and the 100-hour simple moving average.
On the hourly chart of SOL/USD, a breakout occurred above the connecting bearish trend line, with resistance at $185 (data source: Kraken).
If the bulls break through the $205 area, the currency pair may start a new round of upward movement.
Solana price is expected to break upwards
Solana's price has formed a support base and is starting a new round of upward movement from the $185 level, similar to Bitcoin and Ethereum. There is considerable upside above the resistance levels of $190 and $192.
On the hourly chart of the SOL/USD currency pair, a breakout above the connecting bearish trend line occurred, with resistance at $190. The pair climbed above $195 and tested the 50% Fibonacci retracement level of the downtrend from the $228 swing high to the $175 swing low.
However, the price is currently facing several obstacles around the $200 mark. Solana is currently trading above $190 and the 100-hour simple moving average. On the upside, the price faces resistance around $202.
The next major resistance level is around $208, which is the 61.8% Fibonacci retracement level of the downtrend from the $228 high to the $175 low. The major resistance level may be $215. A successful close above the $220 resistance level may lay the foundation for further steady gains. The next key resistance level is $235. Any further upward movement could push the price towards the $250 level.
Is SOL sliding again?
If SOL fails to break through the resistance level at $208, it may drop 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 toward the $175 area. If the closing price is below the support level of $175, the price may fall toward 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.
Major support levels - $195 and $188.
Major resistance levels - $208 and $215.
