Solana (SOL) Defends Critical Support Zone, Preparing for Next Major Increase?
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Solana started a fresh increase above the $185 zone. SOL price is now consolidating above $190 and might aim for more gains above the $200 zone.
- SOL price started a fresh upward move above the $185 and $192 levels against the US Dollar.
- The price is now trading above $190 and the 100-hourly simple moving average.
- There was a break below a bullish trend line with support at $202 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could extend gains if it clears the $198 resistance zone.
Solana Price Aims For Fresh Increase
Solana price started a decent increase after it found support near the $185 zone, like Bitcoin and Ethereum . SOL climbed above the $192 level to enter a short-term positive zone.
The price even smashed the $200 resistance. The bulls were able to push the price above the $202 barrier. A high was formed at $210 and the price recently corrected gains below the 23.6% Fib retracement level of the upward move from the $174 swing low to the $210 high.
There was a break below a bullish trend line with support at $202 on the hourly chart of the SOL/USD pair. However, the bulls were active near the $188 level and the 61.8% Fib retracement level of the upward move from the $174 swing low to the $210 high.
Solana is now trading above $190 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $198 level. The next major resistance is near the $200 level.
Source: SOLUSD on TradingView.comThe main resistance could be $202. A successful close above the $202 resistance zone could set the pace for another steady increase. The next key resistance is $210. Any more gains might send the price toward the $220 level.
Another Decline In SOL?
If SOL fails to rise above the $200 resistance, it could start another decline. Initial support on the downside is near the $192 zone. The first major support is near the $188 level.
A break below the $188 level might send the price toward the $180 support zone. If there is a close below the $180 support, the price could decline toward the $175 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 – $192 and $188.
Major Resistance Levels – $200 and $210.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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