What lies ahead? If the bulls hold their ground and push through the $205 zone, we could witness a renewed wave of buying activity.
The Solana price is not just stabilizing; it is expanding. After forming a solid support at $185, SOL mimicked the movements of giants like Bitcoin and Ethereum, managing to break past both the $190 and $192 resistance levels. It even crossed the $195 line and peeked at the 50% Fibonacci retracement level, derived from a downward move from $228 to $175.
Currently, SOL is contending with various barriers close to $200. It’s essential to note that while it’s trading well above $190, the price encounters significant resistance at around $202. The following major hurdle is peeking at the $208 mark, which aligns with the 61.8% Fibonacci retracement level of the same downward move. If everything goes smoothly, and a steadfast close above $220 occurs, the SOL price could pave the way for further advancements, eyeing the $235 level. From there, a surge towards $250 might just be around the corner.
However, not all signs are favorable. A failure to breach the $208 resistance could lead to a pullback. Initially, $195 serves as the support floor, with $188 not far behind. Should SOL dip below $180, we might see it slip back towards the $175 zone. A close under that significant line could point to a drop towards $162 in the near term.
On the technical side of things, the Hourly MACD is showing increasing momentum in the bullish zone, while the Hourly RSI (Relative Strength Index) maintains a position above 50. Keep an eye on those critical support levels of $195 and $188, and the major resistances stubbornly seated at $208 and $215.
In summary, Solana is prepping for its next move, and whether this will culminate in a surge or a setback remains up to the bulls in the coming days. Investors should stay alert and watch closely as fortunes can change in an instant in the crypto market!
