Solana started a new rise above the $200 support zone. SOL price is correcting gains and needs to stay above $200 for another surge.
- The SOL price started to rise again after settling above the $188 level against the US dollar.
- The price is now trading below $212 and the 100-hour moving average.
- There was a break below a key bullish trendline with support at $210 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could start a new rise if the bulls defend the $200 support zone.
Solana price starts downward correction
Solana price formed a support base and started a new increase above the $185 level, just like Bitcoin and Ethereum. There was a strong move above the USD 195 and USD 200 resistance levels.
The price even reached the $212 level. A high was reached at $225 and the price is now correcting gains. There was a move below the USD 220 and USD 212 levels. The price fell below the 50% Fib retracement level of the upward move from the $195 swing low to the $225 high.
There was a break below a key bullish trendline with support at $210 on the hourly chart of the SOL/USD pair. Solana is now trading below $212 and the 100-hour moving average.
The price is now approaching the key support at $200 and the 76.4% Fib retracement level of the upward move from the $195 swing low to the $225 high. On the upside, the price is facing resistance around the $208 level. The next major resistance is around the $212 level.
The key resistance could be at USD 225. A successful close above the $225 resistance level could set the pace for another steady rise. The next major resistance is $242. Any further gains could send the price towards the USD 250 level.
Lose more in SOL?
If SOL fails to rise above the $212 resistance, the price could continue to decline. The initial downside support is near the $202 level. The first major support is near the $200 level.
A break below the $200 level could send the price towards the $195 zone. If there is a close below the $195 support, the price could fall towards the $185 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – USD 200 and USD 195.
Major resistance levels – $208 and $212.
