Key Takeaways:
SOL price is gaining pace above the $200 pivot level. It cleared a major contracting triangle with resistance at $185 on the weekly chart. Solana could continue to rise toward the $235 and $250 resistance levels.The price of Solana (SOL) is showing bullish signs above $200. It could gain bullish momentum if it surpasses $235 and then $242.
Solana Price Regains Traction
In the past few days, the cryptocurrency market saw bullish moves. Bitcoin, Ethereum, Dogecoin, and Solana climbed higher significantly. SOL price was able to clear a couple of key hurdles at $165 and $175.
It even cleared a major contracting triangle with resistance at $185 on the weekly chart. The price surpassed the 76.4% Fib retracement level of the downward move from the $210 swing high to the $109 low.
Solana price weekly chart | Source: SOL/USD on TradingView.comSolana is now trading well above the $200 pivot level and the 50-week simple moving average (blue). The current price action suggests that the price is eyeing more upsides above the $220 and $225 resistance levels.
The first major resistance is near the $232 level. It is close to the 1.236 Fib extension level of the downward move from the $210 swing high to the $109 low.
If the bulls push the price above the $232 resistance, Solana price could gain bullish momentum. The next key resistance for the bulls could be $250. A close above the $250 barrier could spark a 15%-20% increase. In the stated case, the price could rise and test $275. Any more gains might send SOL toward the $300 level.
Recently, PayPal shared an update regarding the integration of LayerZero to enable seamless movement of PYUSD across Ethereum and Solana.
Downside Correction In SOL?
Conversely, SOL price might struggle to rise above $232 or $235. In the stated scenario, the price might start a downside correction. Immediate support is near the $200 level.
The first major support is near the $185 level and the triangle’s upper trend line. The next major support is forming near the $160 level. The main uptrend support for the current wave sits at $140 and the 50-week simple moving average (blue).
If the bulls fail to protect the $140 support, the price might accelerate lower. In the stated scenario, Solana could revisit the $120 level.
Overall, SOL price is showing signs of strength above the $200 pivot level. If SOL clears the $135 resistance, it could drift toward $250 and then $275.
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