Ethereum

Solana

Bitcoin

Resistance

Solana started a fresh increase above the $175 resistance. SOL price is up nearly 10% and might continue to rise if it clears the $188 resistance. 
<ul> 
 <li>SOL price jumped higher and tested the $188 resistance against the US Dollar.</li> 
 <li>The price is now trading above $180 and the 100-hourly simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $175 on the hourly chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could clear the $188 resistance unless it fails to stay above $175.</li> 
</ul> 
<h2 id="solana-price-starts-fresh-surge">Solana Price Starts Fresh Surge</h2> 
Solana price formed a support base near the $166 level and started a fresh increase. SOL followed recent <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-soars-70k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-soars-20-eth-etf-rumors/" target="_blank" rel="noopener ">Ethereum</a> surge to move into a positive zone. 
There was a move above the $175 and $180 resistance levels. The price even tested the $188 resistance. A high was formed at $188.00 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $166 swing low to the $188 high. 
Solana is now trading above $188 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $175 on the hourly chart of the SOL/USD pair. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_54c054.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-609041 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_54c054.png?resize=1024%2C449" alt="Solana Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_54c054.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_54c054.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_54c054.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_54c054.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_54c054.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_54c054.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_54c054.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Immediate resistance is 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 major increase. The next key resistance is near $195. Any more gains might send the price toward the $200 level. 
<h2 id="are-dips-supported-in-sol">Are Dips Supported in SOL?</h2> 
If SOL fails to rally above the $188 resistance, it could start a downside correction. Initial support on the downside is near the $182 level. The first major support is near the $178 level and the trend line. 
The 50% Fib retracement level of the upward move from the $166 swing low to the $188 high is also at $178, below which the price could test $175. If there is a close below the $175 support, the price could decline toward the $166 support in the near term. 
Technical Indicators 
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. 
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. 
Major Support Levels – $158, and $152. 
Major Resistance Levels – $165, $172, and $180.

Solana Price Marches Toward $200, Why SOL Turned Attractive On Dips

Table of Contents

NewsBTC

Other articles published on May 21, 2024

The Smart Money Is Accumulating These Altcoins, Are You?

Is It Too Late To Buy PEPE? Pepe Price Soars 10% On Ethereum ETF Rally As Traders Flock To Dogeve...

AltSeason Alert: These Altcoins To Lead Rally Amid Ethereum (ETH) Price Surge?

Kaspa Price Shows Positive Signals

Could staked ETH be classified as a security? Galaxy researcher weighs in

Fidelity Files Revised S-1 For Spot Ethereum ETF Launch Amid SEC Signal

Join our free newsletter for daily crypto updates!