Solana (SOL) Rallies Strongly, Setting Sights on $200

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Solana recently surged past its $172 support, suggesting an upward trend that could potentially propel the SOL price towards the $200 mark.

  • SOL price started a fresh increase after it settled above the $165 level 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 $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $192 resistance zone.

Solana Price Starts Fresh Rally

The cost of Solana established a foundation and initiated an upward trend surpassing the $162 mark, similar to Bitcoin and Ethereum. It demonstrated significant momentum beyond the resistance levels at $165 and $172.

On the hourly chart for Solana (SOL/USD), there was a significant leap above a significant bearish trend line, which had previously been acting as resistance at approximately $162. The price not only surpassed this level but also reached and exceeded $185. A peak has been formed at $192, and the price is currently consolidating its gains, maintaining an upward trajectory. It’s worth noting that it now trades above the 23.6% Fibonacci retracement level of the upward swing from the $155 low to the $192 high.

Currently, Solana’s value surpasses $172 and is also above its 100-hour moving average. As it moves upward, it’s encountering resistance around the $192 point. A significant resistance lies ahead at approximately $195.

As an analyst, I’m projecting that the primary hurdle may lie at around $200. Overcoming this barrier could pave the way for a continued, steady upward trend. The next significant resistance, should further growth occur, would be around $212. If so, it might propel the price toward the $220 mark.

Another Dip in SOL?

Should SOL not surpass the $192 barrier, there might be a potential reversal leading to a decline. A probable initial floor for this drop would be around $188. The primary significant support lies at approximately $180 level.

A drop below the $180 mark might cause the price to trend towards the $172 area or reach the 50% Fibonacci retracement level of the upward journey from the $155 trough to the $192 peak. If a closing occurs beneath the $172 support, it could lead to a near-term decrease in price toward the $165 support.

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 – $188 and $185.

Major Resistance Levels – $192 and $200.

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2024-11-07 08:10