bullish

Solana

Test

Bitcoin

Resistance

Solana extended gains above $180. SOL price is now struggling to reach the $200 level and showing some signs of a downside correction. 
<ul> 
 <li>SOL price started a downside correction from the $192 zone against the US Dollar.</li> 
 <li>The price is now trading below $185 and the 100-hourly simple moving average.</li> 
 <li>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).</li> 
 <li>The pair could start another increase unless it settles below the $175 support.</li> 
</ul> 
<h2 id="solana-price-fails-to-test-200">Solana Price Fails To Test $200</h2> 
Solana price remained in a positive zone and extended gains, beating <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pulls-back-70k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-stabilizes-3250/" target="_blank" rel="noopener ">Ethereum</a>. 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 href="https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_70c4ce.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-632172 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_70c4ce.png?resize=1024%2C461" alt="Solana Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_70c4ce.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_70c4ce.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_70c4ce.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_70c4ce.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_70c4ce.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_70c4ce.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_70c4ce.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
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. 
<h2 id="more-losses-in-sol">More Losses in SOL?</h2> 
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 Price (SOL) Faces Challenges at $200: Bulls Remain Active

Tabla de contenidos

NewsBTC

Otros artículos publicados el 30 jul 2024

Play-to-earn is the ‘biggest superpower’ of Web3 gaming: Pixels CEO

BlackRock CIO Confirms No Solana ETF Plans in Near Future

Solana's Solend Rebrands to Save and Launches Dumpy.fun for Shorting Memecoins

Bitcoin Tumbles as Mt. Gox Executes Massive BTC Transfer: How Much

Hong Kong Police Arrest Four, Including 14-Year-Old, for Counterfeit Crypto Scam

Mike Novogratz Criticizes US Economy and Predicts Bitcoin Surge

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!