Solana Price Jumps 10% as Bulls Target $200 Resistance

Solana (SOL) has initiated a price surge starting from the $175 zone, gaining nearly 10% and currently trading above $192. Key points include:

SOL's price has moved past $185 and $190 against the US Dollar.
It trades above $192 and the 100-hourly simple moving average.
A break occurred above a bearish trend line at $178 on the hourly chart.
The price could further increase if it surpasses the $200 resistance level.

Current Price Movement

Support was found near $175, allowing SOL to climb above $180 and breach the $192 resistance. A peak was reached at $199 before consolidating above the 23.6% Fib retracement level of the upward move from $173 to $199.

Resistance levels are noted at $200 and $205. A close above $205 may lead to continued gains, targeting $212 and potentially $220.

Downside Risks

If SOL does not exceed $200, a decline is possible. Initial support is around $194, followed by major support at $186. A drop below $186 could target $180, with further declines toward $175.

Technical indicators show:

Hourly MACD indicating bullish momentum.
RSI above 50, suggesting positive strength.
Major support levels at $194 and $186.
Major resistance levels at $200 and $212.