Solana (SOL) Jumps 10%, Bulls Set Sights on a $200 Breakout

[Ben Graham]

Solana started a fresh increase from the $175 zone. SOL price is now up nearly 10% and might aim for more gains above the $200 zone.

• SOL price started a fresh upward move above the $185 and $190 levels against the US Dollar.
• The price is now trading above $192 and the 100-hourly simple moving average.
• There was a break above a bearish trend line with resistance at $178 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could extend gains if it clears the $200 resistance zone.

Solana Price Starts Fresh Surge

Solana price started a decent increase after it found support near the $175 zone, like Bitcoin and Ethereum. SOL climbed above the $180 level to enter a short-term positive zone.

The price even smashed the $192 resistance. There was a break above a bearish trend line with resistance at $178 on the hourly chart of the SOL/USD pair. The bulls were able to push the price above the $195 barrier. A high was formed at $199 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $173 swing low to the $199 high.

Solana is now trading above $192 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $200 level. The next major resistance is near the $202 level.

Source: SOLUSD on TradingView.comThe main resistance could be $205. A successful close above the $205 resistance zone could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Are Downsides Supported In SOL?

If SOL fails to rise above the $200 resistance, it could start another decline. Initial support on the downside is near the $194 zone. The first major support is near the $186 level or the 50% Fib retracement level of the upward move from the $173 swing low to the $199 high.

A break below the $186 level might send the price toward the $180 support zone. If there is a close below the $180 support, the price could decline toward the $175 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 – $194 and $186.

Major Resistance Levels – $200 and $212.