Solana (SOL) has recently demonstrated strong upward momentum, surging past the $185 and $192 marks, and notably breaking the significant $200 resistance level to reach a high of $207 against the US Dollar. This impressive rally has placed SOL in a short-term positive zone, drawing attention from bulls aiming for higher targets. The cryptocurrency is now undergoing a minor correction, consolidating its recent gains. Key support is identified near the $195 zone, reinforced by both a crucial bullish trend line at $199 and the 100-hourly simple moving average. These levels are critical for maintaining the bullish structure.
- Upside Potential: If Solana successfully overcomes the immediate resistance at $205 and subsequently $208, it could pave the way for a sustained ascent towards the $215 level, with further ambitious targets projected between the $220 and $250 zone.
- Downside Risks: Conversely, a failure to clear the $208 resistance might trigger further declines. Primary support lies at $199, with a more critical major support at $195. A decisive break below $195 could send the price towards $192 or the 50% Fibonacci retracement level, potentially reaching $185 in the near term.
- Technical Indicators: The Hourly MACD indicates a slight loss of bullish pace, while the Relative Strength Index (RSI) remains above 50, suggesting that underlying strength persists despite the current corrections. Traders are advised to monitor the critical support levels at $199 and $192, and the resistance points at $208 and $215, as these will dictate Solana's next major price movement.
