Solana (SOL) Shows Signs Of Rebound – Will Bears | Crypto News
Solana began a recent decline below the $225 zone. SOL price is now trying to get well from $192 and faces hurdles close to $215.
- SOL price began a recent decline below $225 and $220 against the US Dollar.
- The price is now trading above $200 and the 100-hourly simple shifting average.
- There was a break above a key bearish pattern line with resistance at $200 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 Dips Again
Solana price failed to keep above $220 and began a recent decline, like Bitcoin and Ethereum. SOL traded below the $212 and $205 help ranges to enter a bearish zone.
The bears even pushed the price below $200 and the 100-hourly simple shifting average. A low was fashioned at $191 and the price lately began a recovery wave above the 23.6% Fib retracement stage of the downward transfer from the $242 swing high to the $191 low.
Besides, there was a break above a key bearish pattern line with resistance at $200 on the hourly chart of the SOL/USD pair. Solana is now trading above $200 and the 100-hourly simple shifting average.
If there are more positive aspects, the price might face resistance close to the $212 stage. The next major resistance is close to the $215 stage or the 50% Fib retracement stage of the downward transfer from the $242 swing high to the $191 low. The main resistance could possibly 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 positive aspects would possibly ship the price toward the $242 stage.
Another Decline In SOL?
If SOL fails to rise above the $215 resistance, it might continue to transfer down. Initial help on the draw back is close to the $202 zone. The first major help is close to the $200 stage.
A break below the $200 stage would possibly ship the price toward the $192 help zone. If there’s a close below the $192 help, the price might decline toward the $180 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 – $202 and $200.
Major Resistance Levels – $215 and $220.
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