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Solana (SOL) Faces Heavy Resistance – Can Bulls Prevent a $200 Breakdown?

Solana began a contemporary improve from the $194 zone. SOL worth is now recovering increased and faces a heavy resistance close to $212.

  • SOL worth began a restoration wave after it examined the $194 zone towards the US Dollar.
  • The worth is now buying and selling above $200 and the 100-hourly easy transferring common.
  • There was a break under a connecting bullish development line with help at $207 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The pair might begin a contemporary improve if it clears the $212 resistance zone.

Solana Price Faces Resistance

Solana worth began a respectable improve from the $194-$195 zone, like Bitcoin and Ethereum. SOL was capable of climb above the $200 and $202 resistance ranges.

There was a clear transfer above the 50% Fib retracement degree of the downward transfer from the $218 swing high to the $194 low. However, the bears appear to be lively close to the $212 resistance zone. The worth reacted to the draw back under $210.

There was a break under a connecting bullish development line with help at $207 on the hourly chart of the SOL/USD pair. Solana is now buying and selling above $204 and the 100-hourly easy transferring common.

On the upside, the value is going through resistance close to the $2102 degree. The subsequent main resistance is close to the $212 degree or the 76.4% Fib retracement degree of the downward transfer from the $218 swing high to the $194 low. The major resistance might be $218. A profitable shut above the $218 resistance zone might set the tempo for one more regular improve. The subsequent key resistance is $232. Any extra positive factors may ship the value towards the $245 degree.

Another Decline In SOL?

If SOL fails to rise above the $212 resistance, it might proceed to maneuver down. Initial help on the draw back is close to the $204 zone. The first main help is close to the $200 degree.

A break under the $200 degree may ship the value towards the $195 help zone. If there’s a shut under the $195 help, the value might decline towards the $184 help within the close to time period.

Technical Indicators

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

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

Major Support Levels – $200 and $195.

Major Resistance Levels – $212 and $218.

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