The post Solana (SOL) Aims for $200 Retest: Is Momentum Building? appeared on BitcoinEthereumNews.com.

Solana started a steady increase above the $165 resistance zone. SOL price is trading well above $175 and aiming for more gains above $185. SOL price is showing positive signs from the $165 support zone 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 $177 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could gain bullish momentum to retest $200 if it clears the $182 resistance. Solana Price Eyes More Upsides Solana price formed a base above the $160 level and started a fresh increase like Bitcoin and Ethereum. There was a decent move above the $165 and $170 resistance levels. The bulls even pumped the price above $175. There was a break above a key bearish trend line with resistance at $177 on the hourly chart of the SOL/USD pair. The pair even tested $182 and it currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $172.35 swing low to the $182.10 high. Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $182 level. The next major resistance is near the $185 level. The main resistance could be $188. A successful close above the $185 and $188 resistance levels could set the pace for another steady increase. The next key resistance is $195. Any more gains might send the price toward the $200 level. Downside Correction in SOL? If SOL fails to rise above the $182 resistance, it could start a downside correction. Initial support on the downside is near the $180 level. The first major support is near the $176 level or…

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Filed under: News - @ October 29, 2024 5:20 am