Solana (SOL) Aims for $200 Retest: Is Momentum Building?

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As a seasoned researcher with years of experience tracking digital currencies, I can confidently say that Solana is showing promising signs of growth. The price break above $175 and the 100-hourly SMA, coupled with the breach of the bearish trend line at $177, suggests a bullish momentum building up.

Solana has been consistently rising beyond its $165 barrier, and currently, its value is comfortably above $175, targeting further growth towards $185.

  • SOL price is showing positive signs from the $165 support zone against the US Dollar.
  • The price is now trading above $172 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $177 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could gain bullish momentum to retest $200 if it clears the $182 resistance.

Solana Price Eyes More Upsides

Starting from a foundation above $160, Solana’s price has been climbing in a fashion similar to both Bitcoin and Ethereum. It successfully overcame hurdles at $165 and $170, with an impressive surge. The bullish momentum even propelled the price beyond $175.

As a researcher, I observed an upward break above a significant bearish trend line that previously held resistance at approximately $177 in the hourly chart for the SOL/USD pair. The pair even reached a test at $182 and is now consolidating its gains, positioning itself comfortably above the 23.6% Fibonacci retracement level stemming from the price drop from $172.35 to the peak of $182.10.

Currently, Solana’s value surpasses $172 and exceeds its 100-hour moving average. As it moves upward, there’s a barrier at approximately $182 where the price is struggling to advance. The next significant resistance lies around the $185 mark.

The main resistance could be $188. A successful close above the $185 and $188 resistance levels could set the pace for another steady increase. The next key resistance is $195. Any more gains might send the price toward the $200 level.

Downside Correction in SOL?

Should Sol’s price not manage to surpass the $182 resistance, it might initiate a corrective phase. The initial support zone can be found around the $180 mark. Notably, the first significant support lies at approximately $176 or the 61.8% Fibonacci retracement level of the price increase from the $172.35 swing low to the $182.10 peak.

Dropping beneath the $176 mark could potentially push the price towards the $172 region. Should we see a closing price below the $172 support, it’s possible that the price may trend downwards towards the $165 support in the short 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 – $1878 and $176.

Major Resistance Levels – $182 and $185.

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2024-10-29 08:28