Solana Price Marches Toward $200, Why SOL Turned Attractive On Dips

Solana
started
a
fresh
increase
above
the
$175
resistance.
SOL
price
is
up
nearly
10%
and
might
continue
to
rise
if
it
clears
the
$188
resistance.

• SOL
  price
  jumped
  higher
  and
  tested
  the
  $188
  resistance
  against
  the
  US
  Dollar.
• The
  price
  is
  now
  trading
  above
  $180
  and
  the
  100-hourly
  simple
  moving
  average.
• There
  is
  a
  key
  bullish
  trend
  line
  forming
  with
  support
  at
  $175
  on
  the
  hourly
  chart
  of
  the
  SOL/USD
  pair
  (data
  source
  from
  Kraken).
• The
  pair
  could
  clear
  the
  $188
  resistance
  unless
  it
  fails
  to
  stay
  above
  $175.

Solana
Price
Starts
Fresh
Surge

Solana
price
formed
a
support
base
near
the
$166
level
and
started
a
fresh
increase.
SOL
followed
recent

Bitcoin
and

Ethereum
surge
to
move
into
a
positive
zone.

There
was
a
move
above
the
$175
and
$180
resistance
levels.
The
price
even
tested
the
$188
resistance.
A
high
was
formed
at
$188.00
and
the
price
is
now
consolidating
gains
above
the
23.6%
Fib
retracement
level
of
the
upward
move
from
the
$166
swing
low
to
the
$188
high.

Solana
is
now
trading
above
$188
and
the
100
simple
moving
average
(4
hours).
There
is
also
a
key
bullish
trend
line
forming
with
support
at
$175
on
the
hourly
chart
of
the
SOL/USD
pair.

Immediate
resistance
is
near
the
$185
level.
The
next
major
resistance
is
near
the
$188
level.
A
successful
close
above
the
$188
resistance
could
set
the
pace
for
another
major
increase.
The
next
key
resistance
is
near
$195.
Any
more
gains
might
send
the
price
toward
the
$200
level.

Are
Dips
Supported
in
SOL?

If
SOL
fails
to
rally
above
the
$188
resistance,
it
could
start
a
downside
correction.
Initial
support
on
the
downside
is
near
the
$182
level.
The
first
major
support
is
near
the
$178
level
and
the
trend
line.

The
50%
Fib
retracement
level
of
the
upward
move
from
the
$166
swing
low
to
the
$188
high
is
also
at
$178,
below
which
the
price
could
test
$175.
If
there
is
a
close
below
the
$175
support,
the
price
could
decline
toward
the
$166
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
–
$158,
and
$152.

Major
Resistance
Levels
–
$165,
$172,
and
$180.