Reviving Solana: Can SOL Price Stage a Strong Recovery?

Key Takeaways:

• SOL price is holding gains above the $145 support and the 50-day simple moving average (blue).
• A major bullish trend line is forming with support at $145 on the daily chart.
• Solana could start a fresh surge unless there is a daily close below $145.

NEW DELHI (CoinChapter.com) – Solana (SOL) is consolidating above the $145 and $150 levels. The bulls need to clear the $172 resistance to ignite a fresh surge in the coming days.

Solana Price Revisits Support

After a steady increase, Solana faced strong resistance near the $188 level. A high was formed near $188.55 and SOL slowly moved lower like Bitcoin and Ethereum. There was a move below the $172 support zone to enter a short-term bearish zone.

The bears pushed the price below the $165 level and SOL tested the 50% Fib retracement level of the upward move from the $121.50 swing low to the $188.55 high. However, the bulls are still protecting the 50-day simple moving average (blue).

Solana is now trading in a bullish zone above the $150 level. There is also a major bullish trend line in place with support at $145 on the daily chart.

If there is a fresh increase, the price might face resistance near the $168 level. The first major resistance is now forming near the $172 level. A clear move above the $172 resistance zone could ignite a fresh surge.

The next major resistance is at $188, above which the bulls might aim for $200. A daily close above the $200 resistance could spark a steady increase in SOL toward the $225 level.

Another Setback for SOL?

Conversely, Solana might fail to clear the $172 resistance and continue to move down. Immediate support is near the $155 level and the 50-day simple moving average (blue). The first major support is seen near $148 and the 61.8% Fib retracement level of the upward move from the $121.50 swing low to the $188.55 high.

The next major support is near the trend line and $145. If the bulls fail to protect $145, the price could dive toward the $132 support. Any more losses might lead the price toward the $120 level.

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Overall, SOL price is attempting a fresh increase above the $175 level. Having said that, Solana must surpass $188 to continue higher in the coming days.