Solana (SOL) Shows Strength – Can The Bulls Maintain Control For Another Leg Up?

[Ben Graham]

Solana started a fresh increase above the $188 zone. SOL price is now consolidating above $200 and might aim for more gains above the $208 zone.

• SOL price started a fresh upward move above the $185 and $188 levels against the US Dollar.
• The price is now trading above $200 and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $199 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could extend gains if it clears the $208 resistance zone.

Solana Price Jumps Further Above $200

Solana price started a decent increase after it settled above the $172 zone, beating Bitcoin and Ethereum. SOL climbed above the $180 level to enter a short-term positive zone.

The price even smashed the $188 resistance. The bulls were able to push the price above the 61.8% Fib retracement level of the main drop from the $225 swing high to the $155 low. Besides, there is a bullish trend line forming with support at $199 on the hourly chart of the SOL/USD pair.

Solana is now trading above $202 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $208 level and the 76.4% Fib retracement level of the main drop from the $225 swing high to the $155 low. The next major resistance is near the $218 level.

The main resistance could be $225. A successful close above the $225 resistance zone could set the pace for another steady increase. The next key resistance is $242. Any more gains might send the price toward the $250 level.

Another Pullback In SOL?

If SOL fails to rise above the $208 resistance, it could start another decline. Initial support on the downside is near the $199 zone and the trend line. The first major support is near the $195 level.

A break below the $195 level might send the price toward the $190 support zone. If there is a close below the $190 support, the price could decline toward the $180 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 – $199 and $190.

Major Resistance Levels – $208 and $218.