Solana continued to rise above $180. SOL price is now trying to reach $200 and is showing some signs of a downward correction.
- SOL price started a downward correction from the $192 level against the US dollar.
- The price is currently trading below $185 and the 100-hour simple moving average.
- The hourly chart of SOL/USD (data source: Kraken) shows a break below a key bullish trend line with support at $187.
- The pair may start a new growth if it fails to consolidate below the support at $175.
Solana price failed to test $200 mark
Solana price remained in the positive zone and continued to grow, surpassing Bitcoin and Ethereum. It traded above the resistance levels of $180 and $185. Finally, it tested the $192 zone and barely reached $200.
The high was formed around $193.86 and the price started a downward correction. There was a move below the support levels of $190 and $188. The price dropped below the 23.6% Fibonacci retracement level of the upward move from the swing low of $165 to the high of $193.
In addition, there was a break below a key bullish trend line with support at $187 on the hourly chart of SOL/USD. Solana is currently trading below $185 and the 100 hourly simple moving average.
Bulls are currently active around the $180 support and the 50% Fibonacci retracement level of the uptrend from the $165 swing low to $193 high. On the downside, the price is facing resistance around $185. The next major resistance is around $188.
A successful close above the $188 resistance could set the pace for another sustained rally. The next key resistance is around $192. Any further gains could send the price towards the $200 level.
More losses in SOL?
If SOL fails to rise above the $185 resistance, it could start a new decline. Initial support on the downside is around $180. The first major support is around $175.
A break below $175 could send the price towards $165. If the close occurs below the $165 support, the price could decline to the $155 support in the near future.
Technical indicators
Hourly MACD – MACD for SOL/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
The main support levels are $180 and $175.
The main resistance levels are $185 and $188.
