Solana is gaining bullish momentum above $200. SOL price is still showing positive signs and may break above the $220 resistance level in the near term.
- SOL price gained bullish momentum and cleared the $200 resistance level against the US dollar.
- The price is currently trading above $200 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the SOL/USD pair, there is a bullish trend line connecting with support at $195 (data source from Kraken).
- If it breaks the $205 and $212 resistance levels, the pair could continue to rise.
Solana price rally extends
The price of Solana remained strong above the $150 level and continued its upward trend. There was a significant increase above the $165 and $180 levels.
The price rose nearly 20% and moved beyond the $200 level, outperforming Bitcoin and Ethereum. A new multi-month high was made around $204 and the price is currently on an upward trend. It is stable above the 23.6% Fib retracement level, rising from the $142 swing low to the $204 high.
There is also a bullish trend line connecting with support at $195 on the 4-hours chart of the SOL/USD pair. Solana is currently trading above $200 and the 100 simple moving average (4-hours).
Source: SOLUSD on TradingView.com
Immediate resistance is near the $205 level. The next major resistance is near the $212 level. A successful close above the $212 resistance level could set the pace for another big rally. The next major resistance is near $220. Any more profits could push the price higher to the $232 level.
Are Dips supported in SOL?
If SOL fails to rebound above the $205 resistance, a downward correction could begin. Initial support for the downside is near the $195 level and trendline.
The first major support is near the $175 level or the 50% Fib retracement level of the rise from the $142 swing low to the $204 high, below which the price may test $165. A close below the $165 support could lead the price towards the $150 support or the 100 simple moving average (4-hours) in the near term.
technical indicators
4-Hour MACD – The MACD for SOL/USD is pacing in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $19 and $175.
Key resistance levels – $205, $212, $220.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.