Solana’s price has remained stable above the $175 level, with the cryptocurrency now recovering losses and facing hurdles near the $200 and $205 levels. SOL price started a fresh increase after testing the $175 zone against the US Dollar, trading above $190 and the 100-hourly simple moving average. A break above a connecting bearish trend line with resistance at $185 on the hourly chart of the SOL/USD pair indicates the potential for a fresh increase if the bulls clear the $205 zone.
Solana’s price is eyeing an upside break, forming a support base and starting a fresh increase from the $185 level similar to Bitcoin and Ethereum. Despite facing hurdles near $200, the price climbed above $195 and tested the 50% Fib retracement level of the downward move from the $228 swing high to the $175 low. The next major resistance levels to break are near $208, $215, and $220, potentially setting the pace for another steady increase towards $235 and $250.
However, a failure to rise above the $208 resistance could lead to another decline, with initial support near the $195 level and major support near $188. A break below $180 might send the price towards the $175 zone, potentially declining further towards the $162 support in the near term. Technical indicators show that the MACD for SOL/USD is gaining pace in the bullish zone while the RSI is above the 50 level, indicating potential for further upward movement.
In conclusion, Solana’s price is showing signs of recovery and potential for an upside break above the $205 zone. However, hurdles near $200 and $208 must be cleared for a sustained increase towards $215 and $220. On the downside, support levels at $195 and $188 will be crucial in preventing further declines towards $175 and $162. Overall, Solana remains in a bullish position with the potential for significant gains if key resistance levels can be broken.
