Solana has begun a new increase beyond the $188 zone. Sol Price is currently consolidated above $200 and may be aiming to increase profits beyond the $212 zone.
Sol Price has launched a new upward move above the $192 and $202 levels against the US dollar. The price is currently trading above $200, a simple moving average of 100 hours. The hourly wage chart for the Sol/USD pair (Kraken data source) has an upward channel formed with $205 support. Clearing the $212 resistance zone could result in the pair extending their profits.
Solana Price aims for more profits
Solana Price has started to increase considerably after finding support near the $188 zone, like Bitcoin and Ethereum. Sol has entered the short-term positive zone above the $195 level.
The price destroyed $202 resistance. The bull was able to push up prices beyond the $208 barrier. The highs form at $213, with the price consolidating profits above the 23.6% FIB retracement level of upward movements from $177 swing low to $213.
Solana is currently trading above $200 and has a simple moving average of 100 hours. It also forms an ascending channel with $205 support on the hourly chart of the Sol/USD pair.
The advantage is that the price faces resistance near the $212 level. The next major resistance is close to the $215 level. The main resistance could be $220. Successfully beyond the $220 resistance zone allows you to set another steady pace of growth. The next important resistance is $225. Any further profit could potentially send the price towards the $232 level.
SOL’s defect correction?
If the SoL does not rise above the $212 resistance, it may begin to decline. The initial support of the downside is near the $205 zone. The first major support is close to the $202 level.
A break below the $202 level could send prices to a $195 support zone and a 50% FIB retracement level rise level rise level from $177 to $213. If it falls below $195 support, the price could drop towards $188 support in the short term.
Technical indicators
HOURLY MACD – SOL/USD’s MACD is paced in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – SOL/USD’s RSI is above 50 levels.
Key support levels – $205 and $195.
Major resistance levels – $212 and $215.
