Solana Price (SOL) Climbs 5%: Is a $200 Target Achievable?
July 22 2024 - 12:48AM
NEWSBTC
Solana started a fresh increase above the $175 zone. SOL price is
showing signs of strength and might climb further above the $185
resistance. SOL price started a decent upward move above the $175
resistance against the US Dollar. The price is now trading above
$175 and the 100-hourly simple moving average. There is a key
bullish trend line forming with support at $176 on the hourly chart
of the SOL/USD pair (data source from Kraken). The pair could aim
for more upsides if it clears the $185 resistance level. Solana
Price Eyes More Upsides Above $185 Solana price remained in a
positive zone above $150 and extended its increase above $155. SOL
started a fresh increase above the $162 and $165 resistance levels,
outperforming Bitcoin and Ethereum. There was a move above the $180
level. The price gained over 5% and tested the $185 resistance. A
high was formed at $185.11 and the price is now consolidating gains
near the 23.6% Fib retracement level of the upward move from the
$170.58 swing low to the $185.11 high. Solana is now trading above
the $180 level and the 100-hourly simple moving average. There is
also a key bullish trend line forming with support at $176 on the
hourly chart of the SOL/USD pair. It is close to the 61.8% Fib
retracement level of the upward move from the $170.58 swing low to
the $185.11 high. On the upside, the price might face resistance
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 steady increase. The next key resistance is near
$192. Any more gains might send the price toward the $200 level.
Are Dips Supported in SOL? If SOL fails to rise above the $185
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 and the trend line. A break below the $176
level might send the price toward $168. If there is a close below
the $168 support, the price could decline toward the $155 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 – $180 and $176. Major Resistance
Levels – $185 and $188.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024