Key Takeaways:
SOL price is consolidating gains above the $162 resistance. A major bullish trend line is forming with support at $152 on the daily chart. Solana could continue to rise toward the $195 and $200 resistance levels.Solana (SOL) is showing positive signs above $162. The bulls seem to be in action and might soon aim for a move toward $200.
Solana Price Eyes More Upsides
In the last technical analyses, we saw how Solana gained pace above the $150 and $155 resistance levels. The bulls were able to push the price above the main resistance at $162 like Bitcoin at $66,500. It even settled above the $162 resistance and the 50-day simple moving average (blue).
The price climbed above the 61.8% Fib retracement level of the key decline from the $194.32 swing high to the $109.79 low. All these are positive signs and suggest chances of more upsides above $170.
Solana price daily chart | Source: SOL/USD on TradingView.comSolana is now consolidating gains near the 76.4% Fib retracement level of the key decline from the $194.32 swing high to the $109.79 low. The last two days were bullish, and the price increased by over 5%, settling above $170.
Immediate resistance is near the $178 level, and the first major resistance is near the $185 level. A clear move above the $185 level could send SOL toward the next key resistance at $194.
A successful daily close above the $194 resistance might open the doors for a test of the $200 handle. If the bulls remain in action, the price could rise toward the $212 level in the coming days. The next major resistance is at $220, above which the bulls might aim for $235.
Recently, Solana wrapped up the final Hacker House of 2024 and announced that the Solana Summit will soon return to APAC in June 2025.
Another Rejection In SOL?
Conversely, SOL might struggle to surpass the $178 resistance and start a downside correction. Immediate support is near the $162 level (the recent breakout zone).
The first major support is near the $152 level, a bullish trend line on the same chart, and the 50-day simple moving average (blue). If the daily close is below the trend line and the 50-day simple moving average (blue), the bears could gain strength.
Solana could decline toward the $135 support zone in the stated case. Any more losses could send SOL toward the $120 support zone soon.
Overall, the price of Solana is gaining strength above $162. The current price action suggests SOL could soon rise toward the $195 and $200 levels.
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