
Jakarta, Pintu News – Solana has recently shown a significant increase by successfully breaking through the $188 zone. Now, Solana (SOL) price is consolidating above $200 and seems to be trying to break higher resistance above the $208 zone. This increase comes after Solana (SOL) managed to cross the $172 zone, outperforming Bitcoin and Ethereum .
After stabilizing above the $172 zone, Solana (SOL) price started a decent increase. The crypto managed to cross the $180 level and enter the short-term positive zone. Not only that, Solana (SOL) also managed to break the $188 resistance. The bulls managed to push the price past the 61.8% Fibonacci retracement level of the major decline from the $225 high to the $155 low.
Currently, there is a bullish trend line forming with support at $199 on the hourly chart of the SOL/USD pair. Solana (SOL) is now trading above $202 and the 100-hour simple moving average. On the upside, the price faces resistance near the $208 level and the 76.4% Fibonacci retracement level of the major decline from the $225 high to the $155 low.
The next major resistance is near the $218 level, with key resistance at $225. A successful close above the $225 resistance zone could spur a steady rise. The next key resistance is $242, and further gains could push the price towards the $250 level.
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If Solana (SOL) fails to break the $208 resistance, there is a possibility of another drop. Initial support on the downside is near the $199 zone and the trend line. The first major support is near the $195 level. In case of a break below the $195 level, the price could drop towards the $190 support zone. If the price closes below the $190 support, it could trigger a further drop towards the $180 support in the short term.
The hourly MACD for SOL/USD is strengthening in the bullish zone. Meanwhile, the hourly Relative Strength Index (RSI) for SOL/USD is above the 50 level, indicating that there is still positive momentum. The key supports are at $199 and $190, while the key resistance levels are $208 and $218. These indicators suggest that Solana (SOL) still has the potential to continue its positive trend.
With strong technical support and growing momentum, Solana (SOL) seems to be on track to achieve higher performance. However, it is important for investors to monitor support and resistance levels as rapid market fluctuations can change price dynamics quickly.
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