SOL Price Crosses $200 Milestone, What’s Next For Solana?
March 18 2024 - 1:08AM
NEWSBTC
Solana is gaining bullish momentum above $200. SOL price is still
showing positive signs, and it could even surpass the $220
resistance in the near term. SOL price gained bullish momentum and
cleared the $200 resistance against the US Dollar. The price is now
trading above $200 and the 100 simple moving average (4 hours).
There is a connecting bullish trend line forming with support at
$195 on the 4-hour chart of the SOL/USD pair (data source from
Kraken). The pair could continue to rally if it clears the $205 and
$212 resistance levels. Solana Price Extends Rally Solana price
remained strong above the $150 level and extended its rally. There
was a decent increase above the $165 and $180 levels. The price is
up nearly 20% and there was a move above the $200 level,
outperforming Bitcoin and Ethereum. A new multi-month high was
formed near $204, and the price is now consolidating gains. It is
stable above the 23.6% Fib retracement level of the upward move
from the $142 swing low to the $204 high. There is also a
connecting bullish trend line forming with support at $195 on the
4-hour chart of the SOL/USD pair. Solana is now trading above $200
and the 100 simple moving average (4 hours). Source: SOLUSD on
TradingView.com Immediate resistance is near the $205 level. The
next major resistance is near the $212 level. A successful close
above the $212 resistance could set the pace for another major
increase. The next key resistance is near $220. Any more gains
might send the price toward the $232 level. Are Dips Supported in
SOL? If SOL fails to rally above the $205 resistance, it could
start a downside correction. Initial support on the downside is
near the $195 level and the trend line. The first major support is
near the $175 level or the 50% Fib retracement level of the upward
move from the $142 swing low to the $204 high, below which the
price could test $165. If there is a close below the $165 support,
the price could decline toward the $150 support or the 100 simple
moving average (4 hours) in the near term. Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish
zone. 4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD
is above the 50 level. Major Support Levels – $19, and $175. Major
Resistance Levels – $205, $212, and $220.
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