Solana Price (SOL) Climbs 5%: Is a $200 Target Achievable?

Solana has started a fresh increase above the $175 zone, showing signs of strength and potentially climbing further above the $185 resistance.

Points

• Solana’s price increased above the $175 resistance.
• Key bullish trend line forming with support at $176.
• Potential for SOL to climb above the $185 resistance level.
• Technical indicators show bullish momentum.

Solana’s price has been in a positive zone above $150, extending its increase beyond $155. The cryptocurrency outperformed Bitcoin and Ethereum, moving past the $180 level and testing the $185 resistance.

After reaching a high of $185.11, Solana’s price began consolidating near the 23.6% Fib retracement level of the upward move from $170.58 to $185.11. Currently, Solana is trading above the $180 level and the 100-hourly simple moving average, indicating sustained bullish momentum.

A key bullish trend line with support at $176 on the hourly chart of the SOL/USD pair suggests potential for further gains. The price is close to the 61.8% Fib retracement level, which supports the possibility of an upward move.

On the upside, Solana may face resistance near $185, followed by $188. A successful close above $188 could pave the way for a steady increase, potentially pushing the price toward the $200 level.

If Solana fails to rise above the $185 resistance, it may start a downside correction with initial support near the $180 level. A break below $176 could lead to further declines, potentially targeting the $168 and $155 support levels.

Technical indicators like the hourly MACD, gaining pace in the bullish zone, and the RSI, above the 50 level, support the bullish outlook.

Explanation

• Solana’s recent price increase and technical indicators suggest a potential for further gains.
• Key support and resistance levels are crucial for understanding possible price movements.
• Monitoring the market sentiment and technical signals can provide insights into Solana’s price trajectory.