The price of Solana has initiated a new increase above the $188 zone and is now consolidating gains, potentially aiming for further increases above the $200 zone. The price of $SOL has begun an upward movement above the levels of $180 and $185 against the US dollar. Currently, the price is trading above $188 and the 100-hour simple moving average. There is a key upward trendline forming with support at $190 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair may initiate a new increase if it surpasses the resistance zone of $200.

The price of Solana gained momentum after finding support near the $175 zone, similar to Bitcoin and Ethereum. The $SOL rose above the $180 level to enter a positive short-term zone, even breaking the resistance of $185. Buyers managed to push the price above the 50% Fibonacci retracement level of the downward move from the peak of $206 to the low of $175. Additionally, there is a key upward trendline forming with support at $190 on the hourly chart of the $SOL /USD pair. Solana is now trading above $190 and the 100-hour simple moving average.

On the upside, the price faces resistance near the $195 level, which is close to the 61.8% Fibonacci retracement level of the downward move from the peak of $206 to the low of $175. The next important resistance is near the $198 level, with the main resistance at $200. A successful close above the resistance zone of $200 could pave the way for another steady increase, with the next key resistance at $212. Further gains could drive the price towards the level of $225.

If SOL fails to climb above the resistance of $200, it may begin a new decline. The initial support on the downside is near the $190 zone and the trendline. The first important support is near the $188 level. A break below the $188 level could drive the price towards the support zone of $184. If there is a close below the support of $184, the price may fall towards the support of $175 in the short term.

Technical Indicators:

– Hourly MACD: The MACD for SOL/USD is gaining momentum in the bullish zone.

– Hourly RSI (Relative Strength Index): The RSI for SOL/USD is above level 50.

– Main Support Levels: $190 and $188.

– Main Resistance Levels: $195 and $200.