Solana (SOL) Encounters Barriers: Is a Fresh Surge Still Possible?
Solana started a downside correction below the $230 zone. SOL price is now recovering losses and facing hurdles near the $220 level.
- SOL price started a fresh increase after it tested the $204 zone against the US Dollar.
- The price is now trading below $230 and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $220 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 $220 zone.
Solana Price Eyes Upside Break
Solana price formed a support base and started a fresh increase from the $204 level like Bitcoin and Ethereum . There was a decent increase above the $210 and $212 resistance levels.
There was a move above the 23.6% Fib retracement level of the downward move from the $243 swing high to the $203 low. However, the price is now facing many hurdles near $220. Solana is now trading above $218 and the 100-hourly simple moving average.
On the upside, the price is facing resistance near the $220 level. There is also a key bearish trend line forming with resistance at $220 on the hourly chart of the SOL/USD pair.
Source: SOLUSD on TradingView.comThe next major resistance is near the $224 level or the 50% Fib retracement level of the downward move from the $243 swing high to the $203 low. The main resistance could be $228. A successful close above the $228 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 $220 resistance, it could start another decline. Initial support on the downside is near the $212 level. The first major support is near the $205 level.
A break below the $205 level might send the price toward the $200 zone. If there is a close below the $200 support, the price could decline toward the $188 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 – $212 and $205.
Major Resistance Levels – $220 and $228.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
On the night of the Federal Reserve rate cut, the real game is Trump’s “monetary power grab”
The article discusses the upcoming Federal Reserve interest rate cut decision and its impact on the market, with a focus on the Fed’s potential relaunch of liquidity injection programs. It also analyzes the Trump administration’s restructuring of the Federal Reserve’s powers and how these changes affect the crypto market, ETF capital flows, and institutional investor behavior. Summary generated by Mars AI. This summary was produced by the Mars AI model, and the accuracy and completeness of the generated content are still being iteratively updated.
When the Federal Reserve is politically hijacked, is the next bitcoin bull market coming?
The Federal Reserve announced a 25 basis point rate cut and the purchase of $40 billion in Treasury securities, resulting in an unusual market reaction as long-term Treasury yields rose. Investors are concerned about the loss of the Federal Reserve's independence, believing the rate cut is a result of political intervention. This situation has triggered doubts about the credit foundation of the US dollar, and crypto assets such as bitcoin and ethereum are being viewed as tools to hedge against sovereign credit risk. Summary generated by Mars AI. The accuracy and completeness of this summary are still in the process of iterative updates.
x402 V2 Released: As AI Agents Begin to Have "Credit Cards", Which Projects Will Be Revalued?
Still waters run deep, subtly reviving the narrative thread of 402.
When Belief Becomes a Cage: The Sunk Cost Trap in the Crypto Era
You’d better honestly ask yourself: which side are you on? Do you like cryptocurrency?
Trending news
MoreCrypto prices
More
