Solana broke the $175 resistance line and started a new rally. SOL price is up almost 10% and could continue to rise if it overcomes $188 resistance.
- SOL price surged to test the $188 resistance against the US dollar.
- The price is currently trading above $180 and the 100-hour simple moving average.
- On the hourly chart of the SOL/USD pair, there is a major bullish trendline with support at $175 (data source from Kraken).
- Failure to hold above $175 could lead to removal of the $188 resistance level.
Solana price begins new surge
Solana price formed a support base near $166 and started a new rise. SOL has recently moved into positive territory following the surge in Bitcoin and Ethereum.
There was a move above the $175 and $180 resistance levels. The price even tested the $188 resistance. A high was formed at $188.00 and the price is currently consolidating gains above the 23.6% Fib retracement level, rising from the $166 swing low to the $188 high.
Solana is currently trading above $188 and the 100 simple moving average (4-hours). There is also a major bullish trendline with support at $175 on the hourly chart of the SOL/USD pair.
Immediate resistance is near the $185 level. The next major resistance is near the $188 level. A successful close above the $188 resistance could set the pace for another big rally. The next major resistance is near $195. Any more profits could push the price up to the $200 level.
Are Dips supported in SOL?
If SOL fails to rebound above the $188 resistance, a downward correction could begin. Initial support for the downside is near the $182 level. The first major support is near the $178 level and trendline.
The 50% Fib retracement level of the $166 swing low to $188 high is also $178, below which $175 could be tested. If the price closes below the $175 support, the price may decline towards the $166 support in the near term.
technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $158 and $152.
Key resistance levels – $165, $172, $180.