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

Solana started a fresh increase from the $194 ￰0￱ price is now recovering higher and faces a heavy resistance near $212. SOL price started a recovery wave after it tested the $194 zone against the US ￰1￱ price is now trading above $200 and the 100-hourly simple moving ￰2￱ was a break below a connecting bullish trend line with support at $207 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if it clears the $212 resistance ￰3￱ Price Faces Resistance Solana price started a decent increase from the $194-$195 zone, like Bitcoin and ￰4￱ was able to climb above the $200 and $202 resistance ￰5￱ was a clear move above the 50% Fib retracement level of the downward move from the $218 swing high to the $194 low.

However, the bears seem to be active near the $212 resistance ￰6￱ price reacted to the downside below $210. There was a break below a connecting bullish trend line with support at $207 on the hourly chart of the SOL/USD ￰7￱ is now trading above $204 and the 100-hourly simple moving ￰8￱ the upside, the price is facing resistance near the $2102 ￰9￱ next major resistance is near the $212 level or the 76.4% Fib retracement level of the downward move from the $218 swing high to the $194 ￰10￱ main resistance could be $218. A successful close above the $218 resistance zone could set the pace for another steady ￰11￱ next key resistance is $232. Any more gains might send the price toward the $245 ￰12￱ Decline In SOL?

If SOL fails to rise above the $212 resistance, it could continue to move ￰13￱ support on the downside is near the $204 ￰14￱ first major support is near the $200 level. A break below the $200 level might send the price toward the $195 support ￰15￱ there is a close below the $195 support, the price could decline toward the $184 support in the near ￰16￱ Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bullish ￰17￱ Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 ￰18￱ Support Levels – $200 and $195. Major Resistance Levels – $212 and $218.