Solana has initiated a new round of increases above the $188 area. Currently, the SOL price is consolidating above $200 and is expected to further break through the $212 area.

  • The SOL price has started to break above the $192 and $202 thresholds against the US dollar.

  • The current price is above $200 and the 100-hour simple moving average.

  • On the hourly chart for SOL/USD, an ascending channel is forming, with support at $205 (data from Kraken).

  • If the resistance area at $212 is broken, the currency pair may continue its upward trend.

The Solana price is expected to rise further.

Unlike Bitcoin, and similar to Ethereum, Solana's price began to rise significantly after finding support around $188. SOL surged above $195, entering a short-term positive zone.

The price has even broken through the $202 resistance level. The bulls successfully pushed the price above the $208 mark. The price formed a high at $213 and is currently consolidating its gains above the 23.6% Fibonacci retracement level, which is the retracement of the upward move from the $177 low to the $213 high.

Solana's current stock price is above $200 and the 100-hour simple moving average. An ascending channel has also appeared on the hourly chart for SOL/USD, with support at $205.

On the upside, the price faces resistance near $212. The next major resistance level is around $215. The key resistance level may be at $220. If it closes successfully above the $220 resistance level, it could set the stage for the next steady increase. The next key resistance level is at $225. If the price rises further, it may drop towards $232.

Downward correction in SOL?

If SOL fails to break through the $212 resistance level, a new round of declines may begin. On the downside, the initial support level is around $205. The first major support level is near $202.

A drop below the $202 level could push the price towards the $195 support area and the 50% Fibonacci retracement of the upward move from the $177 swing low to the $213 swing high. If the closing price falls below the $195 support level, the price may drop towards the $188 support level in the short term.