Solana (SOL) Closes Above $200 Mark, Bulls Aim for | Crypto News
Solana began a recent increase above the $188 zone. SOL price is now consolidating above $200 and may intention for more positive factors above the $212 zone.
- SOL price began a recent upward transfer above the $192 and $202 ranges against the US Dollar.
- The price is now trading above $200 and the 100-hourly simple transferring average.
- There is a rising channel forming with help at $205 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair may lengthen positive factors if it clears the $212 resistance zone.
Solana Price Aims For More Gains
Solana price began a respectable increase after it discovered help close to the $188 zone, not like Bitcoin and like Ethereum. SOL climbed above the $195 stage to enter a short-term optimistic zone.
The price even smashed the $202 resistance. The bulls have been ready to push the price above the $208 barrier. A high was fashioned at $213 and the price is consolidating positive factors above the 23.6% Fib retracement stage of the upward transfer from the $177 swing low to the $213 high.
Solana is now trading above $200 and the 100-hourly simple transferring average. There is also a rising channel forming with help at $205 on the hourly chart of the SOL/USD pair.
On the upside, the price is dealing with resistance close to the $212 stage. The next major resistance is close to the $215 stage. The main resistance could possibly be $220. A profitable close above the $220 resistance zone may set the tempo for another regular increase. The next key resistance is $225. Any more positive factors may ship the price toward the $232 stage.
Downside Correction In SOL?
If SOL fails to rise above the $212 resistance, it may start another decline. Initial help on the draw back is close to the $205 zone. The first major help is close to the $202 stage.
A break below the $202 stage may ship the price toward the $195 help zone and the 50% Fib retracement stage of the upward transfer from the $177 swing low to the $213 high. If there may be a close below the $195 help, the price may decline toward the $188 help in the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 stage.
Major Support Levels – $205 and $195.
Major Resistance Levels – $212 and $215.
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