Solana’s price has shown stability above the $175 level and is now on a path to recovery, facing resistance levels at $200 and $205. The recent increase in SOL price comes after testing the $175 zone against the US Dollar, with the price now trading above $190 and the 100-hourly simple moving average.
A significant development in the price movement is the break above a connecting bearish trend line with resistance at $185 on the hourly chart of the SOL/USD pair. This breakout suggests that the pair could see further gains if bulls manage to clear the $205 zone.
Solana price formed a support base and initiated a fresh increase from the $185 level, similar to the movements seen in Bitcoin and Ethereum. The price surged above $190 and $192 resistance levels, with a break above a connecting bearish trend line at $190 on the hourly chart. The pair also tested the 50% Fib retracement level of the downward move from the $228 swing high to the $175 low.
Currently, the price is facing multiple hurdles around the $200 level, trading above both $190 and the 100-hourly simple moving average. Key resistance levels to watch out for include $202, $208, and $215, with a potential breakout above $220 signaling a steady increase towards $235 and possibly $250.
On the downside, if SOL fails to surpass the $208 resistance, it could see another decline. Initial support is expected at $195, followed by a major support level at $188. A break below $180 could lead to a decline towards the $175 zone, with further downside potential towards $162 in the near term.
Technical indicators show bullish momentum, with the hourly MACD gaining pace in the bullish zone and the hourly RSI above the 50 level. Major support levels stand at $195 and $188, while resistance levels are seen at $208 and $215. Traders and investors will be closely monitoring these levels as Solana’s price continues its recovery journey.