Solana has maintained stability above the $175 level, showing signs of recovery while facing significant resistance near $200 and $205. After a recent test of the $175 region against USDT, the cryptocurrency is now attempting to recover losses.
Following the formation of a support base, Solana's price began an upward movement starting around $185. This positive trend resembles patterns seen in Bitcoin and Ethereum, with SOL surpassing the $190 and $192 resistance levels. A significant development was the break above a bearish trend line with resistance at $185 on the hourly chart of the SOL/USDT pair.
Currently, Solana is trading above $190, supported by the stability provided by the 100-hourly simple moving average.
However, the price is encountering several barriers around the $200 level. Specifically, there is resistance near $202, followed by a key hurdle around $208, which aligns with the 61.8% Fib retracement level from the $228 high to the $175 low.
For further upward momentum, breaking past the $215 level is crucial. A decisive close above $220 could pave the way for continued gains, potentially pushing the price toward $235. If the bullish momentum sustains, Solana could also target the $250 level.
If SOL fails to surpass the $208 resistance level, a downtrend may occur. Initial support on the downside is near $195, with the primary support at $188. A move below the $180 level could pull the price back toward $175. A decisive break below this support could trigger a deeper decline, targeting the $162 support zone in the near term.
Supporting the bullish outlook, the hourly MACD for SOL/USDT is gaining momentum in the bullish territory. The Relative Strength Index (RSI) remains above the 50 level, indicating sustained buying pressure. Key support levels are at $195 and $188, while major resistance levels at $208 and $215 will serve as critical benchmarks for future price action.
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