Solana’s price experienced a significant upward shift, surpassing the $172 support zone. This rise positions Solana for a potential surge toward the $200 mark.
The cryptocurrency saw renewed momentum after stabilizing above the $165 threshold against the US Dollar. Currently, the price floats above the $172 level and the 100-hour simple moving average. Key to this shift was a break above a critical bearish trend line, with resistance at $162 noted in the SOL/USD pair’s hourly chart. If Solana can clear the $192 resistance zone, the cryptocurrency may continue its ascent.
Solana established a sturdy support base and started an upward trajectory beyond the $162 level, a trend mirrored by Bitcoin and Ethereum. It swiftly moved past the $165 and $172 resistance points. Crucially, it breached a bearish trend line at $162 on the hourly chart, reaching as high as $192 before consolidating its gains. Presently, Solana trades above the 23.6% Fibonacci retracement level of the rise from a $155 low to a $192 high.
Currently, Solana aims for the $195 resistance after maintaining its position above $172 and the 100-hour simple moving average. Beyond this, the pivotal resistance level lies at $200. A successful breach and close above $200 could trigger further gains, setting the next resistance at $212 and possibly pushing prices toward $220.
However, should Solana fail to break the $192 resistance, it may face a corrective decline. Immediate support on the downside is found near $188, with a major support level around $180. A drop below $180 could see the price revert to the $172 zone or reach the 50% Fibonacci retracement level of the earlier upswing from $155 to $192. A close below $172 would likely result in a further fall toward the $165 support level.
Technical indicators highlight a bullish momentum for Solana, with the hourly MACD gaining traction and the RSI sitting comfortably above 50. Major support levels to watch are $188 and $185, while resistance levels hover at $192 and $200.
