As a seasoned analyst with years of experience in the crypto market, I see Solana price showing signs of recovery but facing some resistance at key levels. After forming a strong support base at $215, SOL has started to climb back up, but it’s currently struggling to break through the $228 and $332 barriers.
Solana has held steady above the $215 mark, and its price is currently regaining lost ground, encountering obstacles around $228 and $332.
- SOL price started a fresh increase after it tested the $215 zone against the US Dollar.
- The price is now trading below $225 and the 100-hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $222 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $228 zone.
Solana Price Eyes Upside Break
The price of Solana established a solid foundation and commenced an upward trend at the $215 mark, yet it didn’t maintain the pace set by Bitcoin and Ethereum. There was a noticeable surge past the resistance levels of $218 and $220.
On the hourly chart for the SOL/USD pair, there was a rise that surpassed a bearish trend line with a resistance at $222. The pair then moved beyond $225 and approached the 50% Fibonacci retracement level of the downward slide from the $234 peak to the $215 trough.
Currently, the cost of Solana has encountered several obstacles around the $225 mark. At present, it’s trading under $225 and below its 100-hour simple moving average. On the positive side, it’s encountering resistance at the $225 level.
As a researcher, I’ve identified two significant resistance levels in our ongoing analysis. The first one lies around $228, which coincides with the 61.8% Fibonacci retracement level of the downward move from the $234 swing high to the $215 low. Another potential resistance could be $230. A successful close above the $230 mark could signal a continuation of our upward trend. Further, if we surpass the next key resistance at $235, it might propel the price towards the $250 level.
Another Decline in SOL?
Should SOL not surpass the $228 barrier, a potential drop might ensue. A possible initial floor lies around $220, while the primary significant support can be found at approximately $215 level.
Dropping below the $215 mark could potentially push the price down to around $205. If we see a closing price below the $205 resistance level, it might trigger a short-term fall towards the $200 support level.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $220 and $215.
Major Resistance Levels – $228 and $230.
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2024-12-16 08:10