Solana is gaining bullish momentum above $200. SOL price is still showing positive signs and could even surpass the USD 220 resistance in the near term.
- SOL price gained bullish momentum and managed to overcome the USD 200 resistance against the US dollar.
- The price is now trading above $200 and the 100 simple moving average (4 hours).
- A connecting bullish trendline is forming with support at $195 on the 4-hour chart of the SOL/USD pair (Kraken data source).
- The pair could continue to rise if it overcomes the USD 205 and USD 212 resistance levels.
Solana Price extends the rally
Solana price remained strong above the $150 level and continued its rally. There was a decent increase above the USD 165 and USD 180 levels.
The price is up almost 20% and there was a move above the $200 level, outperforming Bitcoin and Ethereum. A new multi-month high was reached around $204, and the price is now consolidating gains. It is steady above the 23.6% Fib retracement level of the upward move from the $142 swing low to the $204 high.
A connecting bullish trendline is also forming with support at $195 on the 4-hour chart of the SOL/USD pair. Solana is now trading above $200 and the 100 simple moving average (4 hours).
Source: SOLUSD on TradingView.com
The immediate resistance is near the $205 level. The next major resistance is around the $212 level. A successful close above the $212 resistance could set the pace for another big move higher. The next major resistance is near USD 220. Any further gains could send the price towards the USD 232 level.
Are dips supported in SOL?
If SOL fails to break above the USD 205 resistance, a downside correction could occur. The initial downside support is near the $195 level and the trendline.
The first major support is near the $175 level or the 50% Fib retracement level of the upward move from the $142 swing low to the $204 high, below which the price could test $165. If there is a close below the $165 support, the price could fall towards the $150 support or the 100 simple moving average (4 hours) in the short term.
Technical indicators
4-hour MACD – The MACD for SOL/USD is gaining speed in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – USD 19 and USD 175.
Major resistance levels – $205, $212 and $220.
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.