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Solana (SOL) Pushes Higher Again – Has It Finally Found Its Short-Term Bottom?

Solana began a recent improve above the $180 zone. SOL value is now consolidating above $185 and may purpose for extra positive factors above the $200 zone.

  • SOL value began a recent upward transfer above the $175 and $180 ranges towards the US Dollar.
  • The value is now buying and selling under $200 and the 100-hourly easy transferring common.
  • There is a bullish development line forming with help at $188 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The pair may lengthen positive factors if it clears the $200 resistance zone.

Solana Price Eyes More Gains

Solana value began a good improve after it discovered help close to the $155 zone, beating Bitcoin and Ethereum. SOL climbed above the $172 stage to enter a short-term optimistic zone.

The value even smashed the $180 resistance. The bulls had been capable of push the value above the 50% Fib retracement stage of the downward transfer from the $225 swing high to the $155 low. Besides, there’s a bullish development line forming with help at $188 on the hourly chart of the SOL/USD pair.

Solana is now buying and selling under $200 and the 100-hourly easy transferring common. On the upside, the value is going through resistance close to the $198 stage and the 61.8% Fib retracement stage of the downward transfer from the $225 swing high to the $155 low. The subsequent main resistance is close to the $200 stage.

The essential resistance may very well be $205. A profitable shut above the $205 resistance zone may set the tempo for an additional regular improve. The subsequent key resistance is $212. Any extra positive factors may ship the value towards the $220 stage.

Another Decline In SOL?

If SOL fails to rise above the $200 resistance, it may begin one other decline. Initial help on the draw back is close to the $190 zone and the development line. The first main help is close to the $182 stage.

A break under the $182 stage may ship the value towards the $175 help zone. If there’s a shut under the $175 help, the value may decline towards the $160 help within the close to time period.

Technical Indicators

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

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

Major Support Levels – $188 and $182.

Major Resistance Levels – $198 and $200.

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