Solana (SOL) Pushes Higher Again – Has It Finally Found Its Short-Term Bottom?

[Redator]

Solana started a fresh increase above the $180 zone. SOL price is now consolidating above $185 and might aim for more gains above the $200 zone.

• SOL price started a fresh upward move above the $175 and $180 levels against the US Dollar.
• The price is now trading below $200 and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $188 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could extend gains if it clears the $200 resistance zone.

Solana Price Eyes More Gains

Solana price started a decent increase after it found support near the $155 zone, beating Bitcoin and Ethereum. SOL climbed above the $172 level to enter a short-term positive zone.

The price even smashed the $180 resistance. The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $225 swing high to the $155 low. Besides, there is a bullish trend line forming with support at $188 on the hourly chart of the SOL/USD pair.

Solana is now trading below $200 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $198 level and the 61.8% Fib retracement level of the downward move from the $225 swing high to the $155 low. The next major resistance is near the $200 level.

The main resistance could be $205. A successful close above the $205 resistance zone could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Another Decline In SOL?

If SOL fails to rise above the $200 resistance, it could start another decline. Initial support on the downside is near the $190 zone and the trend line. The first major support is near the $182 level.

A break below the $182 level might send the price toward the $175 support zone. If there is a close below the $175 support, the price could decline toward the $160 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $188 and $182.

Major Resistance Levels – $198 and $200.