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Cryptocurrency markets see Solana’s rise accompanying other cryptocurrencies. Recent movements in SOL’s price have drawn investors‘ attention to this popular cryptocurrency. SOL price has shown a significant increase against the dollar, testing the $188 resistance.
SOL Coin Gains Attention with Impressive Rise
Currently, SOL is trading at the $180 level. An important uptrend line is becoming evident with $175 support on the hourly chart of the SOL/USD pair. However, if the pair cannot stay above $175, it may struggle to surpass the $188 resistance.
Solana‘s upward trend began after forming a support base around $166. Following the rise of other major cryptocurrencies like Bitcoin and Ethereum, SOL moved into a positive region, surpassing the $175 and $180 resistance levels. It tested the highest level at the $188 resistance.
Solana is currently trading above $180. The $175 support level on the hourly chart supports a significant uptrend. The immediate resistance is around $185, with the next major resistance level near $188.
A successful close above the $188 resistance could signal a new major increase for SOL. The next key resistance level is around $195, and further gains could push SOL’s price towards the $200 level.
Levels to Watch if Solana Falls
The crypto market closely monitors SOL’s performance. However, recently, SOL has struggled to overcome the $188 resistance. This raises concerns that SOL might enter a downward correction phase. Currently, SOL is moving towards nearby support levels as it trends downward.
At present, SOL has support near the $182 level. However, in the case of a larger correction, the first target is near the $178 level and the trend line. A close below this level could pull the price towards the $175 level in the short term and even down to the $166 support.
What Do Technical Indicators Say?
When examining technical indicators, the hourly MACD is gaining momentum in the bullish zone for SOL/USD. Additionally, the hourly RSI (Relative Strength Index) is above the 50 level for SOL/USD. This indicates that SOL is relatively strong at the moment.
However, it is also important to consider the potential support and resistance levels SOL might face. Key support levels include $158 and $152. Resistance levels are set at $165, $172, and $180.
