Solana remained stable above the $215 level. SOL price is currently recovering its losses and facing hurdles near the $228 and $332 levels.
SOL price started a new rally after testing the $215 zone against the US dollar. The price is currently trading below $225 and the 100 hourly simple moving average. On the hourly chart of the SOL/USD pair (data source: Kraken), it broke above the bearish trend line connecting with the resistance at $222. If the bulls clear the $228 zone, the pair could start a new rally.
Solana Price's eyes break upward
Solana price formed a support base and started a new rally from the $215 level, but lagged behind the momentum of Bitcoin and Ethereum. There was a significant rally above the $218 and $220 resistance levels.
On the hourly chart of the SOL/USD pair, the pair broke above the bearish trend line connected to the resistance level at $222. The pair rose above $225 and tested the 50% Fib retracement level of the decline from the swing high of $234 to the low of $215.
But the price currently faces a number of hurdles around $225. Solana is currently trading below $225 and its 100-hour simple moving average. On the upside, the price is facing resistance near the $225 level.
The next major resistance is near the $228 level, or the 61.8% fib retracement level of the decline from the swing high of $234 to the low of $215. The main resistance level could be at $230. A close above the $230 resistance level could set the pace for further steady upside. The next major resistance level is $235. Any further rise could push the price closer to the $250 level.
Another decline in SOL?
If SOL fails to break above the $228 resistance level, further decline could begin. Initial support on the downside is near the $220 level. The first major support is around the $215 level.
Once below the $215 level, the price could head towards the $205 zone. If there is a close below the $205 support, the price could fall towards the $200 support in the short term.
technical indicators
Hourly MACD – MACD for SOL/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – $220 and $215.
Key resistance levels – $228 and $230.
