Solana (SOL) Defends Critical Support Zone, Preparing for Next Major Increase?
Reason to trust
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 $185 zone. SOL price is now consolidating above $190 and might aim for more gains above the $200 zone.
- SOL price started a fresh upward move above the $185 and $192 levels against the US Dollar.
- The price is now trading above $190 and the 100-hourly simple moving average.
- There was a break below a bullish trend line with support at $202 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could extend gains if it clears the $198 resistance zone.
Solana Price Aims For Fresh Increase
Solana price started a decent increase after it found support near the $185 zone, like Bitcoin and Ethereum . SOL climbed above the $192 level to enter a short-term positive zone.
The price even smashed the $200 resistance. The bulls were able to push the price above the $202 barrier. A high was formed at $210 and the price recently corrected gains below the 23.6% Fib retracement level of the upward move from the $174 swing low to the $210 high.
There was a break below a bullish trend line with support at $202 on the hourly chart of the SOL/USD pair. However, the bulls were active near the $188 level and the 61.8% Fib retracement level of the upward move from the $174 swing low to the $210 high.
Solana is now trading above $190 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $198 level. The next major resistance is near the $200 level.
Source: SOLUSD on TradingView.comThe main resistance could be $202. A successful close above the $202 resistance zone could set the pace for another steady increase. The next key resistance is $210. Any more gains might send the price toward the $220 level.
Another Decline In SOL?
If SOL fails to rise above the $200 resistance, it could start another decline. Initial support on the downside is near the $192 zone. The first major support is near the $188 level.
A break below the $188 level might send the price toward the $180 support zone. If there is a close below the $180 support, the price could decline toward the $175 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 – $192 and $188.
Major Resistance Levels – $200 and $210.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Musk on chip production: China's large-scale manufacturing capacity often exceeds the sum of all other regions worldwide
After ChangXin Memory Technologies announced a key breakthrough in DDR5 server memory, the Philadelphia Semiconductor Index in the US stock market fell 2.7% overnight, with shares such as Micron and SK Hynix ADR dropping collectively. Musk commented on this trend, saying that when China figures out the manufacturing method of a product, its ability to scale production often exceeds that of the rest of the world combined, and stated that "China seems to be rapidly conquering" general standard specifications such as LP5 and LP6.
IREN reports $702.6 million net loss despite $4 billion in AI cloud contracts
The current AI frenzy: featuring both "Tech and Internet" and "Real Estate" bubble characteristics, reminiscent of the 2008 global capital cycle
This wave of the AI boom exhibits dual characteristics: On a micro level, the heavy-asset nature of AI data centers is driving the industry toward "real estate-like" debt financing models, such as corporate bonds, private credit, and computing power ABS. On a macro level, nearly $2 trillion in overseas excess savings is flowing into core AI assets in the U.S. stock market through private institutions, reconstructing a transnational capital cycle reminiscent of the period before the 2008 subprime mortgage crisis. With nearly $3 trillion in off-balance sheet debt and rising interest rates, the industry is facing an impending major liquidity test.
AI Trading Faces a "Vulnerable Moment"! Japan and South Korea Stock Markets Experience "Black Tuesday" as SK Hynix, Samsung, and SoftBank Plunge Together
On Tuesday, Asian tech stocks faced a new round of systemic sell-off as the overnight weakness in the US semiconductor sector spread to the Asia-Pacific market. Concerns intensified over increasingly fierce competition due to the technological breakthrough by Chinese memory chip manufacturer ChangXin Memory Technologies, as well as worries about the returns on AI capital expenditure and the overall financing environment.
Crypto prices
More
