Solana Price (SOL) Climbs 5%: Is a $200 Target Achievable?

Solana began a recent enhance above the $175 zone. SOL value is exhibiting indicators of energy and would possibly climb additional above the $185 resistance.

• SOL value began an honest upward transfer above the $175 resistance in opposition to the US Greenback.
• The worth is now buying and selling above $175 and the 100-hourly easy shifting common.
• There’s a key bullish development line forming with assist at $176 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
• The pair may goal for extra upsides if it clears the $185 resistance degree.

Solana Worth Eyes Extra Upsides Above $185

Solana value remained in a constructive zone above $150 and prolonged its enhance above $155. SOL began a recent enhance above the $162 and $165 resistance ranges, outperforming Bitcoin and Ethereum.

There was a transfer above the $180 degree. The worth gained over 5% and examined the $185 resistance. A excessive was fashioned at $185.11 and the worth is now consolidating positive factors close to the 23.6% Fib retracement degree of the upward transfer from the $170.58 swing low to the $185.11 excessive.

Solana is now buying and selling above the $180 degree and the 100-hourly easy shifting common. There may be additionally a key bullish development line forming with assist at $176 on the hourly chart of the SOL/USD pair. It’s near the 61.8% Fib retracement degree of the upward transfer from the $170.58 swing low to the $185.11 excessive.

On the upside, the worth would possibly face resistance close to the $185 degree. The subsequent main resistance is close to the $188 degree. A profitable shut above the $188 resistance may set the tempo for an additional regular enhance. The subsequent key resistance is close to $192. Any extra positive factors would possibly ship the worth towards the $200 degree.

Are Dips Supported in SOL?

If SOL fails to rise above the $185 resistance, it may begin a draw back correction. Preliminary assist on the draw back is close to the $180 degree. The primary main assist is close to the $176 degree and the development line.

A break beneath the $176 degree would possibly ship the worth towards $168. If there’s a shut beneath the $168 assist, the worth may decline towards the $155 assist within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

Hourly Hours RSI (Relative Power Index) – The RSI for SOL/USD is above the 50 degree.

Main Assist Ranges – $180 and $176.

Main Resistance Ranges – $185 and $188.