Solana (SOL) Strengthens — Gradual Gains Indicate Renewed Demand From Buyers
Analysis
Price Impact
HighSolana is showing renewed demand from buyers, making gradual gains and consolidating above the $200 zone. this indicates strong buying interest and potential for further upward movement.
Trustworthiness
HighThe source explicitly states a strict editorial policy focused on accuracy, relevance, and impartiality, created by industry experts, meticulously reviewed, and adhering to the highest standards in reporting and publishing.
Price Direction
BullishSol has started a fresh upward move above $188 and $195, now trading above $200 and the 100-hourly simple moving average. a bullish trend line is forming with support at $198, and both hourly macd and rsi are in the bullish zone, suggesting potential to clear resistances at $205 and $208.
Time Effect
ShortThe analysis focuses on hourly charts, immediate support/resistance levels, and 'near term' price movements, indicating a short-term outlook for these price actions.
Original Article:
Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Solana started a fresh increase above the $200 zone. SOL price is now consolidating above $200 and might aim for more gains above the $208 zone. SOL price started a fresh upward move above the $188 and $195 levels against the US Dollar. The price is now trading above $200 and the 100-hourly simple moving average. There 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 zone. Solana Price Jumps Again Above $200 Solana price started a decent increase after it settled above the $180 zone, like Bitcoin and Ethereum . SOL climbed above the $188 level to enter a short-term positive zone. The price even smashed the $198 resistance. The 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 high. Solana 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 pair. Source: SOLUSD on TradingView.com On the upside, the price is facing resistance near the $205. The next major resistance is near the $208 level. The main resistance could be $212. A successful close above the $212 resistance zone could set the pace for another steady increase. The next key resistance is $225. Any more gains might send the price toward the $232 level. Another Pullback In SOL? If SOL fails to rise above the $205 resistance, it could start another decline. Initial support on the downside is near the $198 zone and the trend line. The 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 zone. If there is a close below the $184 support, the price could decline toward the $180 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $198 and $184. Major Resistance Levels – $205 and $208.