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

Solana started a fresh increase above the $175 zone. SOL price is showing signs of strength and might climb further above the $185 resistance.

• SOL price started a decent upward move above the $175 resistance against the US Dollar.
• The price is now trading above $175 and the 100-hourly simple moving average.
• There is a key bullish trend line forming with support at $176 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could aim for more upsides if it clears the $185 resistance level.

Solana price remained in a positive zone above $150 and extended its increase above $155. SOL started a fresh increase above the $162 and $165 resistance levels, outperforming Bitcoin and Ethereum.

There was a move above the $180 level. The price gained over 5% and tested the $185 resistance. A high was formed at $185.11 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $170.58 swing low to the $185.11 high.

Solana is now trading above the $180 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $176 on the hourly chart of the SOL/USD pair. It is close to the 61.8% Fib retracement level of the upward move from the $170.58 swing low to the $185.11 high.

On the upside, the price might face resistance near the $185 level. The next major resistance is near the $188 level. A successful close above the $188 resistance could set the pace for another steady increase. The next key resistance is near $192. Any more gains might send the price toward the $200 level.

If SOL fails to rise above the $185 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 and the trend line.

A break below the $176 level might send the price toward $168. If there is a close below the $168 support, the price could decline toward the $155 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

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

Major Support Levels – $180 and $176.

Major Resistance Levels – $185 and $188.