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

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