Solana remained stable above the $215 level. SOL price is now recovering losses and facing hurdles near the $228 and $332 levels.
- SOL price started a fresh increase after it tested the $215 zone against the US Dollar.
- The price is now trading below $225 and the 100-hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $222 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $228 zone.
Solana Price Eyes Upside Break
Solana price formed a support base and started a fresh increase from the $215 level but lagged momentum like Bitcoin and Ethereum. There was a decent increase above the $218 and $220 resistance levels.
There was a break above a connecting bearish trend line with resistance at $222 on the hourly chart of the SOL/USD pair. The pair climbed above $225 and tested the 50% Fib retracement level of the downward move from the $234 swing high to the $215 low.
However, the price is now facing many hurdles near $225. Solana is now trading below $225 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $225 level.
Source: SOLUSD on TradingView.com
The next major resistance is near the $228 level or the 61.8% Fib retracement level of the downward move from the $234 swing high to the $215 low. The main resistance could be $230. A successful close above the $230 resistance level could set the pace for another steady increase. The next key resistance is $235. Any more gains might send the price toward the $250 level.
Another Decline in SOL?
If SOL fails to rise above the $228 resistance, it could start another decline. Initial support on the downside is near the $220 level. The first major support is near the $215 level.
A break below the $215 level might send the price toward the $205 zone. If there is a close below the $205 support, the price could decline toward the $200 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $220 and $215.
Major Resistance Levels – $228 and $230.
Aayush Jindal
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
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