Solana (SOL) Strengthens — Gradual Gains Indicate Renewed Demand From Buyers

Solana started a fresh increase above the $200 ￰0￱ price is now consolidating above $200 and might aim for more gains above the $208 ￰1￱ price started a fresh upward move above the $188 and $195 levels against the US ￰2￱ price is now trading above $200 and the 100-hourly simple moving ￰3￱ is a bullish trend line forming with support at $198 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend gains if it clears the $208 resistance ￰4￱ Price Jumps Again Above $200 Solana price started a decent increase after it settled above the $180 zone, like Bitcoin and ￰5￱ climbed above the $188 level to enter a short-term positive ￰6￱ price even smashed the $198 ￰7￱ bulls were able to push the price above $200.

The price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $177 swing low to the $204 ￰8￱ is now trading above $200 and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $198 on the hourly chart of the SOL/USD ￰9￱ the upside, the price is facing resistance near the $205. The next major resistance is near the $208 ￰10￱ main resistance could be $212. A successful close above the $212 resistance zone could set the pace for another steady ￰11￱ next key resistance is $225.

Any more gains might send the price toward the $232 ￰12￱ Pullback In SOL? If SOL fails to rise above the $205 resistance, it could start another ￰13￱ support on the downside is near the $198 zone and the trend ￰14￱ first major support is near the $192 level and the 50% Fib retracement level of the recent upward move from the $177 swing low to the $204 high. A break below the $192 level might send the price toward the $184 support ￰15￱ there is a close below the $184 support, the price could decline toward the $180 support in the near ￰16￱ Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish ￰17￱ Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 ￰18￱ Support Levels – $198 and $184.

Major Resistance Levels – $205 and $208.