Key Takeaways:
– Solana (SOL) starts a fresh decline from $210 zone.
– Current consolidation paves the way for a fresh move above the $200 resistance.
– The price now trades below $200 and 100-hourly simple moving average.
– Major resistance levels are set at $200 and $202; support pivots at $194 and $188.
– A successful climb above $202 could launch a steady increase toward the $210 level.
Solana Faces Resistance, Forges Decline Path
In a fresh twist, Solana (SOL) charted a new decline below the $205 and $200 benchmark levels against the US Dollar. Much like Bitcoin and Ethereum, Solana had a tough time clearing the $210 resistance, consequently taking a tumble below the $202 and $200 support metrics. The price deep-dived below the $192 level, creating a new low at $188.
Solana Initiates Recovery Wave
Post the fresh low at $188, Solana indicated a surge, initiating a recovery wave. The upswing saw the price moving past the $190 and $192 territories, and clearing the 23.6% Fibonacci retracement level of the downward stride from the $209 swing high to the $188 swing low.
However, Solana faced active resistance from the bears below the $200 level, defending the 50% Fib retracement level of the downward streak from the $209 high to the $188 low.
Above $200, Aiming for Fresh Highs
Now, Solana is processing above the $200 line and the 100-hourly simple moving average. On the path to recovery, it faces an uphill battle with a resistance barricade near the $198 mark. Moreover, a bearish trend line is forming with resistance at $198 on the hourly SOL/USD chart.
Aside from this, another major resistant hurdle is around the $200 level. If Solana manages to successfully close above the significant $202 mark, it could prepare the ground for another consistent uptick. The consequent significant resistance after that can be found at the $210 level. More gains might propel the price towards the $220 region.
TRSL: A Second Decrease for Solana?
In case Solana fails to ascend above the $200 resistance, it may be gearing up for another fall. Initial downside support is situated near the $194 scale. Digging deeper, strong support locates near the $188 territory.
A downward break below $188 may push the price towards the $180 zone, and a close below $180 might ignite a descent towards the $175 support in the immediate term.
Technical Indicators Overview
On the technical front, the MACD for SOL/USD is accelerating in the bullish zone. The RSI (Relative Strength Index) for SOL/USD nests above the 50 level – another promising indicator. For the coming days, traders should closely watch the major resistance levels of $200 and $202, alongside the major support levels placed at $194 and $188.
In conclusion, Solana’s price performance hinges on whether the bulls manage to clear the $200 resistance zone. If successful, traders can anticipate a renewed rise, whereas further declines shouldn’t be ruled out should the bulls fail to mount the $200 resistance.