Close Menu
Subscribe
Monday, December 16

Solana (SOL) Faces Headwinds: Can Bulls Revive Momentum?

Cryptocurrency 3 Mins Read
Solana (SOL) Faces Headwinds: Can Bulls Revive Momentum?

Solana remained stable above the $215 level. SOL price is now recovering losses and facing hurdles near the $228 and $332 levels.

  • SOL price started a fresh increase after it tested the $215 zone against the US Dollar.
  • The price is now trading below $225 and the 100-hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance at $222 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could start a fresh increase if the bulls clear the $228 zone.

Solana Price Eyes Upside Break

Solana price formed a support base and started a fresh increase from the $215 level but lagged momentum like Bitcoin and Ethereum. There was a decent increase above the $218 and $220 resistance levels.

There was a break above a connecting bearish trend line with resistance at $222 on the hourly chart of the SOL/USD pair. The pair climbed above $225 and tested the 50% Fib retracement level of the downward move from the $234 swing high to the $215 low.

However, the price is now facing many hurdles near $225. Solana is now trading below $225 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $225 level.

The next major resistance is near the $228 level or the 61.8% Fib retracement level of the downward move from the $234 swing high to the $215 low. The main resistance could be $230. A successful close above the $230 resistance level could set the pace for another steady increase. The next key resistance is $235. Any more gains might send the price toward the $250 level.

Another Decline in SOL?

If SOL fails to rise above the $228 resistance, it could start another decline. Initial support on the downside is near the $220 level. The first major support is near the $215 level.

A break below the $215 level might send the price toward the $205 zone. If there is a close below the $205 support, the price could decline toward the $200 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $220 and $215.

Major Resistance Levels – $228 and $230.

Read original article here

News Summary:

  • Solana (SOL) Faces Headwinds: Can Bulls Revive Momentum?
  • Check all news and articles from the latest Tech updates.
  • Please Subscribe us at Google News.
Denial of responsibility! Neefina is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email: [email protected] The content will be deleted within 24 hours.

Keep Reading