Key Takeaways:
- SOL price is up over 15% in a few days and trading above $150.
- It cleared a major contracting triangle with resistance at $142 on the daily chart.
- Solana could face heavy resistance near $165 and the 50-day simple moving average (blue).
NEW DELHI (CoinChapter.com) — Solana (SOL) is attempting a fresh increase from the $120 support. The bulls must clear the $165 resistance to push the price toward $200.
Solana Price Starts Fresh Increase
After a major decline, Solana found support near the $115-$120 support zone. The bears again failed to push the price below this support. A low was formed at $115.79, and the price started a fresh increase, like Bitcoin and Ethereum.
SOL cleared the $135 resistance to gain bullish momentum. It surpassed a major contracting triangle with resistance at $142 on the daily chart. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $210 swing high to the $115 low.
The price has been up over 15% in a few days and now trades above the $150 resistance. However, the bulls are now facing a couple of important hurdles near the $162 and $165 levels.
The first major resistance is near the 50-day simple moving average (blue) at $162. It is close to the 50% Fib retracement level of the downward move from the $210 swing high to the $115 low. SOL price needs to clear the $162-165 resistance to increase the chances of a push above the $175 resistance.
A daily close above the $175 resistance could spark a steady increase in Solana toward the $188 level. The next major resistance is at $210, above which the bulls might aim for $240.
Another Drop In SOL?
Conversely, Solana might fail to clear the $165 resistance and start another decline. Immediate support is near the $142 level. The first major support is seen near the at $138. The main uptrend support is still near the $115-$120 region.
If the bulls fail to protect $115, the price could dive toward the $100 support. Any more losses might lead the price toward the $80 level.
Recently, Solana Labs partnered with Google Cloud to bring GameShift to their customers, enabling them to integrate AI-generated and user-created content as tradable in-game assets quickly.
Overall, the SOL price is attempting a fresh increase above the $150 level. Having said that, Solana must surpass $162-$165 to continue higher in the coming days.
