As Solana (SOL) surpasses the $200 mark, investors are thrilled to see the positive signs indicating further growth. The latest data from Kraken shows that SOL price is now above $200 and the 100 simple moving average (4 hours), suggesting a strong bullish trend. Moreover, a connecting bullish trend line with support at $195 on the 4-hour chart of the SOL/USD pair indicates a potential rally beyond the current resistance levels.
Solana has displayed a remarkable performance, staying above the $150 level and extending its rally significantly. With a surge of nearly 20%, the price soared past $200, outperforming major cryptocurrencies like Bitcoin and Ethereum. A new multi-month high near $204 was achieved, and the price is currently consolidating these gains. Furthermore, the stable position above the 23.6% Fib retracement level suggests a solid foundation for further upward movement.
Immediate resistance is noted near the $205 level, followed by a major hurdle at $212. A successful breakthrough above $212 could pave the way for a substantial increase, with the next target at $220. However, failing to surpass the $205 resistance might trigger a downside correction. Initial support is expected around $195, followed by a critical level at $175. A breach below $175 could lead to a test of $165, and further decline towards the $150 support or the 100 simple moving average (4 hours).
The MACD for SOL/USD is gaining momentum in the bullish zone on the 4-hour chart, signaling a favorable outlook for Solana. Additionally, the RSI for SOL/USD is above the 50 level, indicating a strong buying momentum. These technical indicators further support the positive trend observed in SOL price movements.
It is crucial to understand that all investments carry risks, including those in cryptocurrencies like SOL. The information provided in this article is for educational purposes only and should not be considered as financial advice. NewsBTC does not endorse any specific investment decisions and recommends conducting thorough research before making any investment choices. As always, use the information provided here at your own risk and exercise caution when trading cryptocurrencies.