Solana is gaining bullish momentum above $200. SOL price is still showing positive signs, and it could even surpass the $220 resistance in the near term.
SOL price gained bullish momentum and cleared the $200 resistance against the US Dollar.
The price is now trading above $200 and the 100 simple moving average (4 hours).
There is a connecting bullish trend line forming with support at $195 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could continue to rally if it clears the $205 and $212 resistance levels.
Solana Price Extends Rally
Solana price remained strong above the $150 level and extended its rally. There was a decent increase above the $165 and $180 levels.
The price is up nearly 20% and there was a move above the $200 level, outperforming Bitcoin and Ethereum. A new multi-month high was formed near $204, and the price is now consolidating gains. It is stable above the 23.6% Fib retracement level of the upward move from the $142 swing low to the $204 high.
There is also a connecting bullish trend line 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
Immediate resistance is near the $205 level. The next major resistance is near the $212 level. A successful close above the $212 resistance could set the pace for another major increase. The next key resistance is near $220. Any more gains might send the price toward the $232 level.
Are Dips Supported in SOL?
If SOL fails to rally above the $205 resistance, it could start a downside correction. Initial support on the downside is near the $195 level and the trend line.
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 decline toward the $150 support or the 100 simple moving average (4 hours) in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $19, and $175.
Major Resistance Levels – $205, $212, and $220.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Be the first to comment