The post Solana (SOL) Gearing Up: Is a New Surge on the Horizon? appeared on BitcoinEthereumNews.com.

Solana remained stable above the $175 level. SOL price is now recovering losses and facing hurdles near the $200 and $205 levels. SOL price started a fresh increase after it tested the $175 zone against the US Dollar. The price is now trading above $190 and the 100-hourly simple moving average. There was a break above a connecting bearish trend line with resistance at $185 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls clear the $205 zone. Solana Price Eyes Upside Break Solana price formed a support base and started a fresh increase from the $185 level like Bitcoin and Ethereum. There was a decent increase above the $190 and $192 resistance levels. There was a break above a connecting bearish trend line with resistance at $190 on the hourly chart of the SOL/USD pair. The pair climbed above $195 and tested the 50% Fib retracement level of the downward move from the $228 swing high to the $175 low. However, the price is now facing many hurdles near $200. Solana is now trading above $190 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $202 level. The next major resistance is near the $208 level or the 61.8% Fib retracement level of the downward move from the $228 swing high to the $175 low. The main resistance could be $215. A successful close above the $220 resistance level could set the pace for another steady increase. The next key resistance is $235. Any more gains might send the price toward the $250 level. Another Decline in SOL? If SOL fails to rise above the $208 resistance, it could start another decline. Initial support on the downside is near…

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Filed under: News - @ December 25, 2024 5:17 am