Solana (SOL) started a fresh increase from the $184 support. It is now sighting a key upside break above the $215 resistance zone.
Solana Price Readies for Fresh Surge?
After a downside correction, Solana found support near the $184 zone. A base was formed and the price started a decent increase above the $192 resistance, like Bitcoin and Ethereum. The bulls were able to push the price above the key barrier at $200.
There was a clear move above the 61.8% Fib retracement level of the downward move from the $223 swing high to the $183 low. SOL is now consolidating above the $205 level and the 50-day simple moving average (blue).
Solana is now facing an important resistance near the $215 level. It seems like there is a contracting triangle forming with resistance at $215 on the daily chart. It is close to the 76.4% Fib retracement level of the downward move from the $223 swing high to the $183 low.
If the bulls fail to clear the $215 resistance, there could be another bearish reaction. Immediate support is near the $202 level. The first major support sits near the $200 level.
The main support is now forming near the $185 zone, below which the price might gain bearish momentum. The next support sits at $175. Any more losses could send SOL toward the $155 support zone in the near term.
Upside Break and Rally In SOL?
Conversely, Solana could see a fresh increase. Immediate resistance sits near the $215 level and the triangle’s upper trend line. The first major resistance sits near the $232 level.
A clear move above the $232 level could send SOL toward the next key resistance at $250 or the 1.618 Fib extension level of the downward move from the $223 swing high to the $183 low at $248. A successful daily close above the $250 resistance might open the doors for a test of the $265 barrier. Any more gains might send the price toward the $300 level in the coming days.
Recently, FDUSD stablecoin backed by USD and USD-equivalents such as U.S. treasury bills went now live on Solana, bringing First Digital’s $1.7B+ stablecoin to its DeFi ecosystem.
Overall, Solana price is consolidating and facing hurdles near $215. To start a fresh surge, SOL must settle above the $215 and $220 resistance levels. If not, it might dip and retest the $185 support.
