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Solana (SOL) Faces Heavy Resistance – Can Bulls Prevent a $200 Breakdown?
Solana began a fresh upward movement from the $194 zone, recovering higher against the US Dollar. The price is currently trading above $200 and the 100-hourly simple moving average. A connecting bullish trend line with support at $207 was broken on the hourly chart. Solana faces heavy resistance near the $212 level. This resistance zone also corresponds to the 76.4% Fibonacci retracement level. Clearing the $212 resistance could trigger another increase for SOL. The next significant resistance lies at $218, a break above which could lead to further gains. However, failure to overcome the $212 resistance may lead to a decline. Initial support is observed around the $204 zone, followed by $200. A break below $200 could send the price towards the $195 support zone. Technical indicators suggest that the MACD is losing momentum in the bullish zone, and the RSI is below the 50 level.
