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Solana (SOL) Shows Signs Of Rebound – Will Bears Step In Again Soon?

Solana began a recent decline under the $225 zone. SOL worth is now trying to get well from $192 and faces hurdles close to $215.

  • SOL worth began a recent decline under $225 and $220 towards the US Dollar.
  • The worth is now buying and selling above $200 and the 100-hourly easy shifting common.
  • There was a break above a key bearish development line with resistance at $200 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The worth may begin one other decline if it stays under $215 and $220.

Solana Price Dips Again

Solana worth failed to remain above $220 and began a recent decline, like Bitcoin and Ethereum. SOL traded under the $212 and $205 help ranges to enter a bearish zone.

The bears even pushed the value under $200 and the 100-hourly easy shifting common. A low was shaped at $191 and the value just lately began a restoration wave above the 23.6% Fib retracement degree of the downward transfer from the $242 swing high to the $191 low.

Besides, there was a break above a key bearish development line with resistance at $200 on the hourly chart of the SOL/USD pair. Solana is now buying and selling above $200 and the 100-hourly easy shifting common.

If there are extra good points, the value may face resistance close to the $212 degree. The subsequent main resistance is close to the $215 degree or the 50% Fib retracement degree of the downward transfer from the $242 swing high to the $191 low. The important 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 good points may ship the value towards the $242 degree.

Another Decline In SOL?

If SOL fails to rise above the $215 resistance, it may proceed to maneuver down. Initial help on the draw back is close to the $202 zone. The first main help is close to the $200 degree.

A break under the $200 degree may ship the value towards the $192 help zone. If there’s a shut under the $192 help, the value may decline towards the $180 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 degree.

Major Support Levels – $202 and $200.

Major Resistance Levels – $215 and $220.

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