Solana (SOL) has experienced a strong rally, surpassing the $172 support level and is now aiming for a move towards $200. The price of SOL started to increase after it settled above $165 against the US Dollar. It is currently trading above $172 and the 100-hourly simple moving average. A key bearish trend line with resistance at $162 was broken, indicating further potential for upward movement.
Solana formed a support base and initiated a fresh rally, similar to Bitcoin and Ethereum. It broke through resistance levels at $165 and $172. Additionally, a key bearish trend line with resistance at $162 was surpassed. The price even cleared $185 and reached a high at $192 before consolidating its gains. SOL is currently trading above the 23.6% Fib retracement level and is facing resistance at $192, with the next major resistance at $195.
If SOL successfully breaks through the $200 resistance level, it could set the pace for another steady increase. The next significant resistance level after $200 is $212, and further gains could push the price towards $220. However, if SOL fails to surpass the $192 resistance, it may experience a downside correction. The initial support level is near $188, followed by $180. A break below $180 could lead to a decline towards $172 or the 50% Fib retracement level. In the event of a close below $172, the price of SOL might decline towards the $165 support level.
The technical indicators also indicate a bullish zone for SOL/USD, with the MACD gaining pace and the RSI above the 50 level. The major support levels are $188 and $185, while the major resistance levels are $192 and $200.