Solana (SOL) Inches Toward $200—Breakout Confirmation Needed
Solana started to drop from the $210 area. The Sol price is a merger and may target a resistor zone of more than $200.
- Sol Price’s new decline is below $205 and $200, with a rate against the dollar.
- Now, the price trades below the $200 and the 100-hour simple moving average.
- On the hourly chart of the SOL/USD pair (Kraken’s data source), there is a connected bearish trend line with a resistance of $198.
- If the Bull clears the $200 area, the two may start a new growth.
Solana price faces obstacles
Solana Price Bitcoin and Ethereum. SOL has dropped below the support level of $202 and $200.
It’s even below the $192 level. The recent lows have formed at $188 before the price begins to recover. More than the $190 and $192 levels. Prices dropped 23.6% from swing heights of $209 to swings at $188.
However, the Bears’ activity level is below $200. They protect the 50% FIB retracement level from a swing height of $209 to a $188 swing.
Solana is now trading at over $200, a simple moving average of 100 hours. On the plus side, the price is facing a $198 resistance. On the hourly chart of the SOL/USD pair, there is also a connected bearish trend line with a resistance of $198.
The next major resistance is close to the $200 level. The main resistance may be $202. The successful shutdown of the resistor zone above $202 may set the pace for another steady growth. The next key resistance is $210. More gains may shift the price to the $220 level.
Another decline in SOL?
If the SOL fails to exceed the $200 resistance, it may drop again. The initial support for the downside is near the $194 area. The first major support is close to the $188 level.
Rest hours below $188 may transfer the price to the $180 area. If it is less than $180 support, the price may drop to $175 support in the short term.
Technical Indicators
Hourly MACD – SOL/USD’s MACD is accelerating in bullish areas.
Hours and hours RSI (relative intensity index) – The RSI of SOL/USD is above level 50.
Main support levels – $194 and $188.
Major resistance levels – $200 and $202.
