NEW DELHI (CoinChapter.com) — Solana is showing positive signs above the $80 support. The bulls could soon aim for a fresh surge toward the $140 and $150 resistance levels.
Solana Price Positioned For More Upsides
In the past few weeks, there was a steady increase in Solana above the $50 pivot level. The bulls pushed the price above several hurdles, including $80 and the 50-week simple moving average (blue). Finally, the SOL price climbed above the $100 resistance and tested the $125 zone.
A new multi-week high was formed near $126.66 before the price started a downside correction, like Bitcoin. There was a drop below the $100 support zone. The bears pushed the price below the key increase’s 23.6% Fib retracement level from the $17.36 swing low to the $126.66 high.
The price even spiked below the $92 support zone, but the bulls were active above the $80 support zone. Solana is now consolidating gains above the $80 support zone.
It seems like there is a bullish continuation pattern forming with resistance at $106 on the weekly chart. SOL might trade in a range for a few more days before the next big move. If the bulls pump the price above the $106 resistance, there could be a swift move toward the $126 zone.
The next target for the bulls could be $140, above which the price might rise toward the $150 resistance. Any more gains might send Solana toward the $200 handle.
Fundamentally, Solana’s ecosystem continues to grow; its mobile preorders reached 60,000 and are still counting. Solana Mobile’s Saga seems to be gaining traction and might soon achieve its 1,00,000 milestone.
Downside Extension In SOL?
Conversely, the SOL price might struggle to continue higher and extend its decline. Immediate support is near the triangle zone at $85. The first major support sits at $80.
The main support is now forming near the $72 level. A weekly close below the $72 support level might confirm a local top. Solana could revisit the $50 level or the 50-week simple moving average (blue) in the stated scenario.
Overall, the SOL price consolidates gains above the $80 and $72 support levels. If the bulls pump the price above $106, there could be a 50% move toward the $140 level. If not, Solana might start a downside correction toward $80 or $72 in the coming weeks.
