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

Altcoins From the Ethereum Ecosystem Rally By 20%, Bull Run Ahead?

Crypto Bill Vote on Wednesday! Brace For Crypto FUD!

Uniswap and Across Protocol Launch New Token Standard to Simplify Cross-Chain Interactions

What Are ARC-20 Tokens?

Ethereum Founder Vitalik Buterin Received a Proposal for Layer 2 Transfers! Here are the Details

Injective (INJ) Price Aims to Reclaim $30 on Bullish Market Trends; Avalanche (AVAX) Predicted to...

Join our free newsletter for daily crypto updates!