Solana has experienced a new rise above the $172 support level and is on track to reach the $200 mark.
SOL Price Rises After Holding Support at $165
After stabilizing above $165 against the US dollar, SOL has started a fresh rally. It is now trading above $172 and the 100-hour simple moving average. The SOL/USD hourly chart (data source from Kraken) shows a break above the key bearish trend line with resistance at $162. If SOL clears the resistance at $192, further growth could follow.
Solana Begins a New Uptrend
Solana found strong support and initiated growth above $162, similar to other cryptocurrencies like Bitcoin and Ethereum. It broke above the resistance levels of $165 and $172.
On the SOL/USD chart, the price surpassed the bearish trend line at $162 and climbed up to $185. The current high is at $192, where the price is now consolidating gains. SOL is trading above the 23.6% Fibonacci retracement level of the upward move from the $155 swing low to the $192 high.
Currently, SOL is above $172 and the 100-hour simple moving average, with major resistance at around $192. Another key resistance lies at $195, with the $200 mark potentially being pivotal for further growth. If the price manages to close above this level, it could set the stage for a steady rise to $212 and possibly even $220.
Potential Decline if Resistance Fails
If SOL fails to clear the $192 resistance, it may trigger a downward correction. Initial support is near $188, with the next significant support around $180.
A break below $180 could see the price head back toward $172 or the 50% Fibonacci retracement level of the previous rise. Should it dip below $172, further support lies at $165.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for SOL/USD is above 50, supporting the uptrend.
Key Support Levels – $188 and $185.
Key Resistance Levels – $192 and $200.
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