Solana Price Rises Above $172, Targets $200 Resistance Level

Solana has initiated an upward movement, surpassing the $172 support zone and potentially targeting the $200 level.

SOL price began increasing after settling above $165 against the US Dollar.
The price is currently trading above $172 and the 100-hourly simple moving average.
A key bearish trend line with resistance at $162 was breached on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair may continue to rise if it breaks through the $192 resistance zone.

Solana Price Starts Fresh Rally

Solana price established a support base, rising above $162. This movement follows similar patterns observed in Bitcoin and Ethereum. The price surged past the $165 and $172 resistance levels.

A break occurred above a significant bearish trend line at $162 on the hourly chart for the SOL/USD pair. The price exceeded $185, forming a high at $192, and is currently consolidating gains. It trades above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.

Solana is trading above $172 and the 100-hourly simple moving average. Resistance is noted near the $192 level, with a major resistance point at $195.

The primary resistance level could be $200. A close above this level may lead to further increases, with the next key resistance at $212. Continued gains could push the price toward $220.

Potential Downturn for SOL?

If SOL does not surpass the $192 resistance, a downside correction may occur. Initial support is around the $188 level, with major support near $180.

A drop below $180 could lead to a decline toward $172 or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. A close below $172 may result in a decline toward the $165 support level.

Technical Indicators:

Hourly MACD: Gaining momentum in the bullish zone.
Hourly RSI: Above the 50 level.
Major Support Levels: $188 and $185.
Major Resistance Levels: $192 and $200.