Solana’s (SOL) price has managed to maintain its stability above the $215 level, showing signs of recovery after recent dips. Currently, SOL is attempting to rebound, facing significant resistance around the $228 and $230 levels, crucial junctures that could dictate its short-term trajectory.
Key Developments in SOL Price Movement
- After testing the $215 support zone against the US Dollar, SOL initiated a fresh upward movement.
- Despite this upward momentum, the price remains below $225 and the 100-hourly simple moving average, suggesting ongoing challenges.
- A notable breakthrough occurred, with the price surpassing a bearish trend line resistance at $222 on the hourly chart of the SOL/USD pair, as sourced from Kraken data.
- If bulls can decisively push through the $228 resistance zone, it may pave the way for further gains.
Solana Price Targets Potential Upside Break
Solana’s price has established a foundational support level and is eyeing an upward trajectory from the $215 mark. However, similar to major cryptocurrencies like Bitcoin and Ethereum, Solana’s momentum has been somewhat subdued. Notably, the price achieved an upward breach, surpassing the $218 and $220 resistance levels, signifying potential bullish intent.
In a key technical move, the SOL/USD pair broke through a connecting bearish trend line resistance at $222 on the hourly chart. This advancement saw the price climb above $225, reaching the 50% Fibonacci retracement level of the downturn from the $234 swing high to the $215 low.
Challenges and Resistance Levels
Despite these advances, Solana faces formidable resistance near the $225 mark, and the price is currently trading below both this level and the 100-hourly simple moving average. On the upside, the immediate resistance is pegged at $225, with more substantial resistance looming around $228, aligning with the 61.8% Fibonacci retracement level of the previous downward move.
The main resistance hurdle is positioned at $230. A decisive close above this level could signal a more pronounced upward trend, potentially setting a target for $235. If these gains materialize, the price might aim for the $250 level, marking a significant bullish advance.
Potential for Another Decline in SOL?
Conversely, if Solana fails to surpass the $228 resistance, it might experience another downward correction. The initial support level on this potential decline is situated around $220, with the first major support found near $215.
A drop below the critical $215 support level could propel the price towards the $205 zone. Should there be a close below $205, Solana’s price might further decline towards the $200 support area in the near term.
Technical Indicators
- Hourly MACD: The MACD for SOL/USD is gradually losing momentum within the bullish territory.
- Hourly RSI (Relative Strength Index): The RSI for SOL/USD is currently positioned below the 50 level, indicating potential bearish pressure.
- Major Support Levels: $220 and $215.
- Major Resistance Levels: $228 and $230.
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