Solana Pumps 20%, Why SOL Price Seems Primed To Revisit $200
Key Takeaways:
SOL price is gaining bullish momentum above the $150 resistance.
A major bullish trend line is forming with support at $132 on the weekly chart.
Solana could surge toward $195 or $200 if it clears the $165 resistance.
NEW DELHI (CoinChapter.com) — Solana gained bullish momentum above the $140 resistance. SOL is signaling a larger increase and might surge toward the $200 resistance.
Solana Price Rallies Over 20%
In the last weekly analysis, we discussed why Solana could rally further and test the $165 resistance zone. The price did gain bullish momentum above the $140 resistance and the 50-week simple moving average (blue). Finally, it broke the $150 resistance.
There was a clear move above the 50% Fib retracement level of the key drop from the $259 swing high to the $7.92 low. Recently, it gained over 20%, outperforming Bitcoin and Ethereum, and tested the $165 resistance (as discussed in the last analysis).
Solana price daily chart | Source: SOL/USD on TradingView.com
It is now facing a few hurdles near the $165 resistance. It coincides with the 61.8% Fib retracement level of the key drop from the $259 swing high to the $7.92 low.
If the bulls pump the price above the $165 resistance, SOL price could start another rally. The next target for the bulls could be $185. Any more gains might send Solana toward the $200 handle.
Downside Correction In SOL?
Conversely, SOL price might struggle to continue higher above the $165 resistance and start a downside correction. Immediate support is near the $150 level. The first major support sits at $140.
The main support is now forming near the $130 level. There is also a major bullish trend line forming with support at $132 on the weekly chart. A weekly close below the $130 support level might spark strong bearish moves. In the stated scenario, Solana could revisit the $100 level.
Recently, Solana Labs announced a new GameShift feature – Asset Airdrops, enabling teams to distribute digital assets to incentivize & reward targeted user groups.
Overall, SOL price is gaining bullish momentum above the $150 resistance. If the bulls pump the price above $165, there could be a move toward the $200 level. If not, Solana might start a downside correction toward $132 in the coming days.
The post Solana Pumps 20%, Why SOL Price Seems Primed To Revisit $200 appeared first on CoinChapter.
Filed under: Bitcoin - @ March 15, 2024 4:01 am