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.
Solana Eyes Break Above $162 Resistance 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.
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Bombastic Ethereum Price Prediction After ETF LaunchThe 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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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