Solana (SOL) Closes Above $200 Mark, Bulls Aim for Another Breakout

Solana started a fresh increase above the $188 ￰0￱ price is now consolidating above $200 and might aim for more gains above the $212 ￰1￱ price started a fresh upward move above the $192 and $202 levels against the US ￰2￱ price is now trading above $200 and the 100-hourly simple moving ￰3￱ is a rising channel forming with support at $205 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend gains if it clears the $212 resistance ￰4￱ Price Aims For More Gains Solana price started a decent increase after it found support near the $188 zone, unlike Bitcoin and like ￰5￱ climbed above the $195 level to enter a short-term positive ￰6￱ price even smashed the $202 ￰7￱ bulls were able to push the price above the $208 barrier.

A high was formed at $213 and the price is consolidating gains above the 23.6% Fib retracement level of the upward move from the $177 swing low to the $213 ￰8￱ is now trading above $200 and the 100-hourly simple moving ￰9￱ is also a rising channel forming with support at $205 on the hourly chart of the SOL/USD ￰10￱ the upside, the price is facing resistance near the $212 ￰11￱ next major resistance is near the $215 ￰12￱ main resistance could be $220. A successful close above the $220 resistance zone could set the pace for another steady ￰13￱ next key resistance is $225. Any more gains might send the price toward the $232 ￰14￱ Correction In SOL? If SOL fails to rise above the $212 resistance, it could start another ￰15￱ support on the downside is near the $205 ￰16￱ first major support is near the $202 level.

A break below the $202 level might send the price toward the $195 support zone and the 50% Fib retracement level of the upward move from the $177 swing low to the $213 ￰17￱ there is a close below the $195 support, the price could decline toward the $188 support in the near ￰18￱ Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish ￰19￱ Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 ￰20￱ Support Levels – $205 and $195. Major Resistance Levels – $212 and $215.