Solana (SOL) is gaining bullish momentum above $220. SOL could remain in a positive zone, and the bulls might now aim $262.
Solana Price Turns Bullish
In the past few days, Solana saw a steady increase above the $188 pivot level. A base was formed, and the bulls were able to clear a few hurdles near $200. The price climbed above the 61.8% Fib retracement level of the downward move from the $295 swing high to the $95 low.
Recently, there was a consolidation phase near the $210 level before the price gained bullish momentum. SOL is up over 10% in the last few days, beating Bitcoin.
Solana price is now trading well above the $220 resistance zone and the 50-week simple moving average (blue). The current price action suggests that the price is eyeing more upside above $235. Immediate resistance on the upside sits at $242.
The first major resistance is near the $248 level. It is close to the 76.4% Fib retracement level of the downward move from the $295 swing high to the $95 low. If the bulls push the price above the $248 resistance, Solana price could continue to surge.
The next key hurdle for the bulls could be $262. A close above the $262 barrier could send the price toward the $295 high. In the stated case, the price could even test $300.
Are Dips Limited In SOL?
Conversely, SOL price might struggle to rise above $242 or $248. In the stated scenario, the price might start a downside correction. Immediate support on the downside is near the $220 level.
The first major area of interest is $210. More importantly, there is a key bullish trend line forming with support at $210 on the weekly chart. A break below the trend line region could spark a larger pullback. In the stated case, Solana might decline to $188.
The main support sits near the $180 level and the 50-week simple moving average. If the bulls fail to protect the $180 support, the price might turn red and accelerate lower. In the stated scenario, Solana could revisit the $160 level.
Overall, SOL price is gaining bullish momentum above $220. It seems like the bulls could send SOL toward the $248 level and then $262 in the near term.
