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Solana (SOL) Attempts Recovery – Yet Lacking Momentum Could Stall Bullish Breakout

Solana discovered assist close to the $192 zone. SOL worth is now making an attempt to get better from above $200 and faces hurdles close to $215.

  • SOL worth began a restoration wave above $200 and $202 in opposition to the US Dollar.
  • The worth is now buying and selling above $202 and the 100-hourly easy shifting common.
  • There is a connecting bullish pattern line forming with assist at $204 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The worth may begin one other decline if it stays under $215 and $220.

Solana Price Eyes Recovery

Solana worth prolonged losses under $200 earlier than the bulls took a stand, like Bitcoin and Ethereum. SOL examined the $192 zone and lately began a restoration wave.

The worth was in a position to surpass the $200 and $202 resistance ranges. There was a transfer above the 23.6% Fib retracement stage of the downward transfer from the $242 swing high to the $191 low. Besides, there’s a connecting bullish pattern line forming with assist at $204 on the hourly chart of the SOL/USD pair.

However, the value faces many hurdles close to $215. Solana is now buying and selling above $205 and the 100-hourly easy shifting common. If there are extra features, the value may face resistance close to the $215 stage. The subsequent main resistance is close to the $216 stage or the 50% Fib retracement stage of the downward transfer from the $242 swing high to the $191 low. The foremost resistance might be $220.

A profitable shut above the $220 resistance zone may set the tempo for one more regular enhance. The subsequent key resistance is $230. Any extra features may ship the value towards the $242 stage.

Another Drop In SOL?

If SOL fails to rise above the $216 resistance, it may proceed to maneuver down. Initial assist on the draw back is close to the $204 zone and the pattern line. The first main assist is close to the $202 stage.

A break under the $202 stage may ship the value towards the $200 assist zone. If there’s a shut under the $200 assist, the value may decline towards the $192 assist within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is shedding tempo within the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 stage.

Major Support Levels – $204 and $200.

Major Resistance Levels – $216 and $220.

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