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

Bitcoin

Solana

NewsBTCOct 29, 2024 5:54 AM

Solana started a steady increase above the $165 resistance zone. SOL price is trading well above $175 and aiming for more gains above $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

Solana price formed a base above the $160 level and started a fresh increase like Bitcoin and Ethereum. There was a decent move above the $165 and $170 resistance levels. The bulls even pumped the price above $175.

There was a break above a key bearish trend line with resistance at $177 on the hourly chart of the SOL/USD pair. The pair even tested $182 and it currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $172.35 swing low to the $182.10 high.

Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $182 level. The next major resistance is near the $185 level.

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?

If SOL fails to rise above the $182 resistance, it could start a downside correction. Initial support on the downside is near the $180 level. The first major support is near the $176 level or the 61.8% Fib retracement level of the upward move from the $172.35 swing low to the $182.10 high.

A break below the $176 level might send the price toward the $172 zone. If there is a close below the $172 support, the price could decline toward the $165 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 – $1878 and $176.

Major Resistance Levels – $182 and $185.

Reviewed byTony

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