Solana (SOL) Gearing Up: Is a New Surge on the Horizon?

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Solana remained stable above the $175 level. SOL price is now recovering losses and facing hurdles near the $200 and $205 levels.


  • SOL price started a fresh increase after it tested the $175 zone against the US Dollar.

  • The price is now trading above $190 and the 100-hourly simple moving average.

  • There was a break above a connecting bearish trend line with resistance at $185 on the hourly chart of the SOL/USD pair (data source from Kraken).

  • The pair could start a fresh increase if the bulls clear the $205 zone.


Solana Price Eyes Upside Break


Solana price formed a support base and started a fresh increase from the $185 level like Bitcoin and Ethereum. There was a decent increase above the $190 and $192 resistance levels.


There was a break above a connecting bearish trend line with resistance at $190 on the hourly chart of the SOL/USD pair. The pair climbed above $195 and tested the 50% Fib retracement level of the downward move from the $228 swing high to the $175 low.


However, the price is now facing many hurdles near $200. Solana is now trading above $190 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $202 level.


Solana Price

The next major resistance is near the $208 level or the 61.8% Fib retracement level of the downward move from the $228 swing high to the $175 low. The main resistance could be $215. A successful close above the $220 resistance level could set the pace for another steady increase. The next key resistance is $235. Any more gains might send the price toward the $250 level.


Another Decline in SOL?


If SOL fails to rise above the $208 resistance, it could start another decline. Initial support on the downside is near the $195 level. The first major support is near the $188 level.


A break below the $180 level might send the price toward the $175 zone. If there is a close below the $175 support, the price could decline toward the $162 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 – $195 and $188.


Major Resistance Levels – $208 and $215.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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