Solana Price (SOL) Faces Challenges at $200: Bulls Remain Active
July 30 2024 - 1:08AM
NEWSBTC
Solana extended gains above $180. SOL price is now struggling to
reach the $200 level and showing some signs of a downside
correction. SOL price started a downside correction from the $192
zone against the US Dollar. The price is now trading below $185 and
the 100-hourly simple moving average. There was a break below a key
bullish trend line with support at $187 on the hourly chart of the
SOL/USD pair (data source from Kraken). The pair could start
another increase unless it settles below the $175 support. Solana
Price Fails To Test $200 Solana price remained in a positive zone
and extended gains, beating Bitcoin and Ethereum. It traded above
the $180 and $185 resistance levels. Finally, it tested the $192
zone and struggled to reach $200. A high was formed near $193.86
and the price started a downside correction. There was a move below
the $190 and $188 support levels. The price dipped below the 23.6%
Fib retracement level of the upward move from the $165 swing low to
the $193 high. Besides, there was a break below a key bullish trend
line with support at $187 on the hourly chart of the SOL/USD pair.
Solana is now trading below $185 and the 100-hourly simple moving
average. The bulls are now active near the $180 support and the 50%
Fib retracement level of the upward move from the $165 swing low to
the $193 high. On the upside, the price is facing resistance near
the $185 level. The next major resistance is near the $188 level. A
successful close above the $188 resistance could set the pace for
another steady increase. The next key resistance is near $192. Any
more gains might send the price toward the $200 level. More Losses
in SOL? If SOL fails to rise above the $185 resistance, it could
start another decline. Initial support on the downside is near the
$180 level. The first major support is near the $175 level. A break
below the $175 level might send the price toward $165. If there is
a close below the $165 support, the price could decline toward the
$155 support in the near term. Technical Indicators Hourly MACD –
The MACD for SOL/USD is gaining pace in the bearish zone. Hourly
Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below
the 50 level. Major Support Levels – $180 and $175. Major
Resistance Levels – $185 and $188.
Solana (COIN:SOLUSD)
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