Solana Bulls Charging: SOL Indicators Point to Potential Rally Above $200

Key Takeaways:

• SOL price is showing bullish signs above the $175 resistance and the 50-day simple moving average (blue).
• A major bullish trend line is in place with support at $135 on the daily chart.
• Solana could soon rally over 25% if it clears the $188 resistance.

NEW DELHI (CoinChapter.com) — Solana (SOL) is attempting a fresh increase above the $165 pivot zone. The bulls must clear the $188 resistance to ignite a fresh surge.

Solana Price Turns Green

After a major decline, Solana found support near the $120 support zone. A support base was formed at $120 and the price started a fresh increase, like Bitcoin and Ethereum. There was a steady increase above the $132 and $150 resistance levels.

The bulls even pumped the price above the 50% Fib retracement level of the downward wave from the $210 swing high to the $116 low. More importantly, SOL price settled above the $165 pivot level and the 50-day simple moving average (blue).

Solana is now trading in a bullish zone above the $175 level. There is also a major bullish trend line in place with support at $135 on the daily chart.

The bulls are now facing hurdles near the $188 zone. It is close to the 76.4% Fib retracement level of the downward wave from the $210 swing high to the $116 low. A clear move above the $188 resistance zone could ignite a fresh surge.

The next major resistance is at $200, above which the bulls might aim for $210. A daily close above the $210 resistance could spark a steady increase in SOL toward the $240 level.

Dips Limited In SOL?

Conversely, Solana might fail to clear the $188 resistance and start another decline. Immediate support is near the $175 level. The first major support is seen near $162 (the recent breakout zone). The next major support is near the 50-day simple moving average (blue) at $155.

If the bulls fail to protect $155, the price could dive toward the $132 support. Any more losses might lead the price toward the $120 level.

Recently, Solana announced its first-ever Solana Summit APAC, to be held in Kuala Lumpur, Malaysia, from June 20 to 22, 2024. This event will be a power-packed one with 50+ speakers, workshops, and more!

Overall, the 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.