Solana (SOL) has experienced a notable increase, surpassing the $180 mark. The SOL price is demonstrating bullish tendencies, indicating a potential rise above the $185 resistance level, making the major outbreak mark for Solana price the $200. Is it achievable, and if so when to expect it?
Solana Price Analysis: A Bullish Surge
Solana maintained its positive momentum above $150, extending gains beyond $155. SOL initiated a fresh surge, overcoming the $162 and $165 resistance levels, outperforming both Bitcoin and Ethereum.
The Solana price surged above $180, gaining over 5% and testing the $185 resistance. A peak was reached at $185.11, with the price now consolidating gains near the 23.6% Fib retracement level, from the $170.58 low to the $185.11 high.
Currently, Solana is trading above the $177 level and the 100-hour simple moving average. The bullish trend line with support at $176 on the hourly chart remains crucial. This aligns closely with the 61.8% Fib retracement level of the upward move from the $170.58 low to the $185.11 high.
Solana Price Prediction: Support Levels and Potential Corrections
Should Solana price fail to break above the $185 resistance, a downside correction may begin. The initial support on the downside is near the $180 level. The first major support lies at $176, aligning with the trend line.
A breach below the $176 support level could push the price down to $168. A close below $168 may result in a decline toward the $155 support in the near term.
Technical Indicators
- Hourly MACD: The MACD for SOL/USD is gaining momentum in the bullish zone.
- Hourly RSI: The RSI for SOL/USD is above the 50 level, indicating strength.
Major Support Levels: $180, $176
Major Resistance Levels: $185, $188
On the upside, resistance is anticipated near the $185 level. The subsequent major resistance is around $188. Successfully closing above this level could pave the way for further steady increases. The next significant resistance is around $192, with potential gains driving the price toward the $200 mark.
