Solana Price (SOL) Approaches $200: Is a Big Breakout on the Cards?
Key Takeaways:
- SOL price extended gains and cleared the $188 resistance zone.
- It cleared a short-term bullish flag with resistance at $182 on the daily chart.
- Solana seems to be preparing for a fresh surge above the $200 resistance zone.
NEW DELHI (CoinChapter.com) — Solana (SOL) is signaling a fresh uptrend above $180 and $188. The bulls might even aim for a new high above $205.
Solana Price Eyes Another Upside Break Above $162
In the recent Solana price analysis with a weekly chart, we discussed how the bulls might soon aim for a move above the $180 level and target $200. They pushed the price above the $180 and $188 resistance levels to start a fresh increase.
During the increase, the price settled above the 76.4% Fib retracement level of the downward move from the $188.91 swing high to the $121.22 low and the 50-day simple moving average (blue). Recently, it surpassed a short-term bullish flag with resistance at $182 on the daily chart.
Solana is up over 5% in the past two sessions, outperforming Bitcoin and Ethereum. It is also showing signs of strength above the $188 resistance zone. It seems like the price could soon hit the $200 handle.
The first major resistance sits near the $205 level (the last major swing region). It now coincides with the 1.236 Fib extension level of the downward move from the $188.91 swing high to the $121.22 low. A successful daily close above the $200 resistance and then a follow-up move above the $205 level could set the tone for another rally.
The next major resistance is at $220, above which the bulls might aim for $232. Any more gains might send SOL toward the $250 level.
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Short-Term Pullback In SOL?
Conversely, Solana might fail to clear the $205 resistance and start a downside correction. Immediate support is near the $180 level and a connecting bullish trend line on the same chart. The first major support is seen at nearly $165.
A downside break and close below the $165 support could spark heavy bearish moves. In the stated case, the price might decline toward the $150 support level and the 50-day simple moving average (blue). The main uptrend support is still near the $120 level.
The SOL price is rising and might soon clear the $200 resistance. If the bulls even cleared $205, SOL could rally and test the $220 resistance.
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