Solana (SOL) Rallies Strongly, Setting Sights on $200
November 07 2024 - 12:08AM
NEWSBTC
Solana started a fresh increase above the $172 support zone. SOL
price is rising and might soon aim for a move toward the $200
level. SOL price started a fresh increase after it settled above
the $165 level against the US Dollar. The price is now trading
above $172 and the 100-hourly simple moving average. There was a
break above a key bearish trend line with resistance at $162 on the
hourly chart of the SOL/USD pair (data source from Kraken). The
pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally Solana price formed a support base
and started a fresh increase above the $162 level like Bitcoin and
Ethereum. There was a strong move above the $165 and $172
resistance levels. There was a break above a key bearish trend line
with resistance at $162 on the hourly chart of the SOL/USD pair.
The price even cleared the $185 level. A high is formed at $192 and
the price is now consolidating gains. It is trading above the 23.6%
Fib retracement level of the upward move from the $155 swing low to
the $192 high. Solana is now trading above $172 and the 100-hourly
simple moving average. On the upside, the price is facing
resistance near the $192 level. The next major resistance is near
the $195 level. The main resistance could be $200. A successful
close above the $200 resistance level could set the pace for
another steady increase. The next key resistance is $212. Any more
gains might send the price toward the $220 level. Another Dip in
SOL? If SOL fails to rise above the $192 resistance, it could start
a downside correction. Initial support on the downside is near the
$188 level. The first major support is near the $180 level. A break
below the $180 level might send the price toward the $172 zone or
the 50% Fib retracement level of the upward move from the $155
swing low to the $192 high. If there is a close below the $172
support, the price could decline toward the $165 support in the
near term. Technical Indicators Hourly MACD – The MACD for SOL/USD
is gaining pace in the bullish zone. Hourly Hours RSI (Relative
Strength Index) – The RSI for SOL/USD is above the 50 level. Major
Support Levels – $188 and $185. Major Resistance Levels – $192 and
$200.
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