Key Takeaways:
- SOL price started a fresh increase from the $160 support.
- A major bullish trend line is forming with support at $185 on the daily chart.
- Solana could continue increasing if it clears the $198 and $200 resistance levels.
NEW DELHI (CoinChapter.com) — Solana (SOL) is signaling a fresh increase from the $160 support zone. It could revisit the $210 level or $240 if the bulls remain active above $175.
Solana Price Restarts Increase
In the past few weeks, Solana outperformed Bitcoin and Ethereum. SOL pumped over 50% and even broke the $200 level. A new multi-month high was formed at $210 before there was a downside correction. The price declined below the $200 and $175 levels.
However, the bulls were active above the $150 level and the 50-day simple moving average (blue). A low was formed at $160, and the price is now attempting a fresh increase.
SOL was able to climb above the $175 and $185 levels. There was a move above the 61.8% Fib retracement level of the downward move from the $210 swing high to the $160 low. The price is now consolidating gains above the $190 level and eyeing more gains.
Solana has been up over 15% in three days and is still showing signs of more upside. Immediate resistance is visible on the daily chart at $198. It is close to the 76.4% Fib retracement level of the downward move from the $210 swing high to the $160 low.
The first major resistance is near the $200 level. A convincing move above the $200 resistance might start a steady increase. The next key resistance sits at the $210 level, above which SOL could rally toward the $225 resistance. Any more gains might set the stage for a test of $240.
Another Decline In SOL?
Conversely, Solana might start another pullback from the $200 resistance. The first major support is nearly $185. A major bullish trend line is also forming, with support at $185 on the daily chart. If the bulls fail to protect the $185 support, there could be heavy losses.
The next major support is near the $175 zone. A daily close below the $175 support may perhaps send the price toward the $160 support or the 50-day simple moving average (blue) in the coming days.
Recently, Solana announced Hacker House Dubai (April 15 and 16, 2024). It will focus on RWA, Stablecoins, and Regulations. It will also have guidance from Solana Labs and Solana Foundation team members with networking opportunities.
Overall, the SOL price signals a fresh increase from the $160 support. If Solana bulls remain active above $185, there could be a fresh rally toward the $240 level. If not, it could revisit the $175 support.
