Solana (SOL) Attempts Recovery – Yet Lacking | Crypto News
Solana discovered assist close to the $192 zone. SOL price is now trying to recuperate from above $200 and faces hurdles close to $215.
- SOL price began a recovery wave above $200 and $202 against the US Dollar.
- The price is now trading above $202 and the 100-hourly simple shifting average.
- There is a connecting bullish pattern line forming with assist at $204 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price might start another decline if it stays below $215 and $220.
Solana Price Eyes Recovery
Solana price prolonged losses below $200 before the bulls took a stand, like Bitcoin and Ethereum. SOL examined the $192 zone and lately began a recovery wave.
The price was in a position to surpass the $200 and $202 resistance ranges. There was a transfer above the 23.6% Fib retracement stage of the downward transfer from the $242 swing high to the $191 low. Besides, there may be a connecting bullish pattern line forming with assist at $204 on the hourly chart of the SOL/USD pair.
However, the price faces many hurdles close to $215. Solana is now trading above $205 and the 100-hourly simple shifting average. If there are more beneficial properties, the price might face resistance close to the $215 stage. The next major resistance is close to the $216 stage or the 50% Fib retracement stage of the downward transfer from the $242 swing high to the $191 low. The main resistance may very well be $220.
A profitable close above the $220 resistance zone might set the tempo for another regular increase. The next key resistance is $230. Any more beneficial properties may ship the price toward the $242 stage.
Another Drop In SOL?
If SOL fails to rise above the $216 resistance, it might continue to transfer down. Initial assist on the draw back is close to the $204 zone and the pattern line. The first major assist is close to the $202 stage.
A break below the $202 stage may ship the price toward the $200 assist zone. If there may be a close below the $200 assist, the price might decline toward the $192 assist in the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is dropping tempo in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 stage.
Major Support Levels – $204 and $200.
Major Resistance Levels – $216 and $220.
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