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

Aayush Jindal

1 year ago

2 mins read

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Solana started a fresh increase above the $175 zone. SOL price is showing signs of strength and might climb further above the $185 resistance.

SOL price started a decent upward move above the $175 resistance against the US Dollar.
The price is now trading above $175 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $176 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could aim for more upsides if it clears the $185 resistance level.

Solana Price Eyes More Upsides Above $185

Solana price remained in a positive zone above $150 and extended its increase above $155. SOL started a fresh increase above the $162 and $165 resistance levels, outperforming Bitcoin and Ethereum.

There was a move above the $180 level. The price gained over 5% and tested the $185 resistance. A high was formed at $185.11 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $170.58 swing low to the $185.11 high.

Solana is now trading above the $180 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $176 on the hourly chart of the SOL/USD pair. It is close to the 61.8% Fib retracement level of the upward move from the $170.58 swing low to the $185.11 high.

Solana Price — Source: SOLUSD on TradingView.com

On the upside, the price might face resistance near the $185 level. The next major resistance is near the $188 level. A successful close above the $188 resistance could set the pace for another steady increase. The next key resistance is near $192. Any more gains might send the price toward the $200 level.

Are Dips Supported in SOL?

If SOL fails to rise above the $185 resistance, it could start a downside correction. Initial support on the downside is near the $180 level. The first major support is near the $176 level and the trend line.

A break below the $176 level might send the price toward $168. If there is a close below the $168 support, the price could decline toward the $155 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $180 and $176.

Major Resistance Levels – $185 and $188.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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