Solana (SOL) started a fresh increase from the $175 support. It is now consolidating and eyeing for a key upside break above $220.

Solana Price Eyes Fresh Surge

After a downside correction, Solana found support near the $175 zone. A base was formed and the price started a decent increase above the $185 resistance, like Bitcoin and Ethereum. The bulls were able to push the price above the key barrier at $200.

More importantly, SOL cleared a major contracting triangle with resistance at $210 on the daily chart. Finally, the price tested the $220 resistance zone and the 50-day simple moving average (blue).

Solana price daily chart | Source: SOL/USD on TradingView.com

Solana is now consolidating below the $220 resistance zone and the 50-day simple moving average (blue). It seems like the bulls are struggling to clear the 50% Fib retracement level of the downward move from the $263 swing high to the $175 low.

If they continue to struggle, there could be another bearish reaction. Immediate support is near the $210 level. The first major support sits near the $200 level.

The main support is now forming near the $195 zone, below which the price might gain bearish momentum. The next support sits at $175. Any more losses could send SOL toward the $155 support zone in the near term.

Fresh Surge In SOL?

Conversely, Solana could see a fresh increase. Immediate resistance sits near the $220 level and the 50-day simple moving average (blue). The first major resistance sits near the $230 level and the 61.8% Fib retracement level of the downward move from the $263 swing high to the $175 low.

A clear move above the $230 level could send SOL toward the next key resistance at $244. A successful daily close above the $244 resistance might open the doors for a test of the $265 barrier. If there is a clear move above the $265 barrier, the price could rise toward the $300 level in the coming days.

Recently, Solana shared details of its Alliance & Solana Ideathon on Jan 15th in NYC. It provides you a chance to pitch your product ideas to a panel of judges.

Overall, Solana price is consolidating and facing hurdles near $220. To start a fresh surge, SOL must settle above the $220 and $230 resistance levels. If not, it might dip and retest the $195 support.

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