What’s Next for Solana’s Price Amid Strong Bullish Momentum?

Solana (SOL) has shown strong upward momentum, breaching the $150 mark and the 50-day simple moving average, suggesting a potential 20% surge if it manages to surpass $162.

In recent sessions, Solana’s price has climbed above the critical $140 resistance level amidst a broader bullish trend in the cryptocurrency market.

A significant bullish signal was the breach of a key bearish trend line at $146.50 on the daily chart.

The price closed above both the $150 resistance and the 50-day moving average, and it also cleared the 50% Fibonacci retracement level from its previous high of $188.55 to the low of $121.22.

Although Solana tested the $162 resistance, it encountered selling pressure near the 61.8% Fibonacci retracement level of the same downward move.

The current outlook remains positive, suggesting potential further gains. Immediate resistance levels are seen at $162 and $172, with a decisive daily close above $162 likely setting the stage for another bullish wave.

Looking ahead, if Solana manages to break above $162 successfully, it could target higher resistances at $188 and potentially $192, with a possible extension towards the $200 level.

Conversely, a failure to sustain above $162 could prompt a corrective move. Initial support is at $150 and the 50-day moving average, followed by stronger support at $142, which marks the recent breakout zone. Further downside might see Solana testing support levels around $130, while major uptrend support lies near $120.

Deyan Angelov

Активен крипто трейдър, следи и новини, свързани с акции, S&P500 и злато. Деян обича да спортува активно, тренира редовно, занимава се с калистеника. Обича и да чете Sci-Fi книги, когато му остане време.