Solana ’s price has demonstrated resilience, remaining above the $215 level as it seeks to recover from recent losses. Current trading indicates a struggle around the $225 threshold, along with challenges near $228 and $230. The cryptocurrency began a significant uptick after bouncing off the $215 zone against the US dollar, highlighting its potential for upward movement.
Recently, the price has seen a modest rise above vital resistance levels at $218 and $220. A significant breakout above a bearish trend line with resistance at $222 on the hourly chart suggests a shift in market dynamics. This upward trend allowed for a test of the 50% Fibonacci retracement level, calculated from the downturn between $234 and $215. However, the price has since settled below the critical $225 level and the 100-hourly simple moving average, indicative of the hurdles it faces.
For further growth, the cryptocurrency must overcome resistance near the $228 level, which also coincides with the 61.8% Fibonacci retracement from the recent downturn. Successfully closing above $230 could pave the way for a more sustained upward trend. A subsequent resistance level to watch will be at $235, with prospects of pushing towards the $250 level if current upward momentum continues.
On the other hand, if Solana struggles to breach the $228 resistance, the potential for another decline looms. Initial support is found around the $220 level, with stronger support anticipated at the $215 level. Should the price fall below this critical zone, it could descend toward $205, with further declines possibly leading to the $200 level.
In terms of technical analysis, the hourly MACD is showing a slowdown in bullish momentum, while the Relative Strength Index remains below the neutral 50 level. This indicates that Solana ’s price movement is at a pivotal juncture, with significant support levels at $220 and $215 and major resistance levels positioned at $228 and $230.
