Solana
Solana Price Heads Toward $200, Why SOL Has Become Attractive On A Downside
Solana began a further rise above the $175 resistance. SOL price is up almost 10% and could continue to rise if it breaks through the $188 resistance.
- SOL price surged higher and tested the $188 resistance against the US Dollar.
- The price is now trading above $180 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $175 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could breach the $188 resistance unless it manages to stay above $175.
Solana price starts new rise
Solana price formed a support base near the $166 level and started a fresh rise. SOL followed recently Bitcoin And Ethereum push to enter a positive zone.
There was a move above the $175 and $180 resistance levels. The price even tested the $188 resistance. A high formed at $188.00 and price is now consolidating gains above the 23.6% Fibonacci retracement level of the upward move from the $166 low to $188 high.
Solana is now trading above $188 and the 100 simple moving average (4-hours). There is also a key bullish trendline forming with support at $175 on the hourly chart of the SOL/USD pair.
Immediate resistance is near the $185 level. The next major resistance is near the $188 level. A successful close above the $188 resistance could set the tone for another major rise. The next key resistance is near $195. Any further gains could push the price towards the $200 level.
Are dips supported in SOL?
If SOL fails to move above the $188 resistance, it could trigger a downward correction. Initial downside support is near the $182 level. The first major support is near the $178 level and the trendline.
The 50% Fibonacci retracement level of the upward move from the $166 low to $188 high is also at $178, below which the price could test $175. If there is a close below the $175 support, the price could decline to the $166 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is accelerating into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $158 and $152.
Major resistance levels – $165, $172 and $180.