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

Solana started a fresh decline below the $225 ￰0￱ price is now attempting to recover from $192 and faces hurdles near $215. SOL price started a fresh decline below $225 and $220 against the US ￰1￱ price is now trading above $200 and the 100-hourly simple moving ￰2￱ was a break above a key bearish trend line with resistance at $200 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could start another decline if it stays below $215 and $220. Solana Price Dips Again Solana price failed to stay above $220 and started a fresh decline, like Bitcoin and ￰3￱ traded below the $212 and $205 support levels to enter a bearish ￰4￱ bears even pushed the price below $200 and the 100-hourly simple moving average.

A low was formed at $191 and the price recently started a recovery wave above the 23.6% Fib retracement level of the downward move from the $242 swing high to the $191 low. Besides, there was a break above a key bearish trend line with resistance at $200 on the hourly chart of the SOL/USD ￰5￱ is now trading above $200 and the 100-hourly simple moving ￰6￱ there are more gains, the price could face resistance near the $212 ￰7￱ next major resistance is near the $215 level or the 50% Fib retracement level of the downward move from the $242 swing high to the $191 ￰8￱ main resistance could be $220. A successful close above the $220 resistance zone could set the pace for another steady ￰9￱ next key resistance is $230.

Any more gains might send the price toward the $242 ￰10￱ Decline In SOL? If SOL fails to rise above the $215 resistance, it could continue to move ￰11￱ support on the downside is near the $202 ￰12￱ first major support is near the $200 level. A break below the $200 level might send the price toward the $192 support ￰13￱ there is a close below the $192 support, the price could decline toward the $180 support in the near ￰14￱ Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish ￰15￱ Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 ￰16￱ Support Levels – $202 and $200. Major Resistance Levels – $215 and $220.