Key Takeaways:
SOL price is holding gains above the $145 support and the 50-day simple moving average (blue).
A major bullish trend line is forming with support at $145 on the daily chart.
Solana could start a fresh surge unless there is a daily close below $145.
Read CoinChapter.com on Google News Solana bulls are ready to take SOL price to moon
NEW DELHI (CoinChapter.com) – Solana (SOL) is consolidating above the $145 and $150 levels. The bulls need to clear the $172 resistance to ignite a fresh surge in the coming days.
Solana Price Revisits Support
After a steady increase, Solana faced strong resistance near the $188 level. A high was formed near $188.55 and SOL slowly moved lower like Bitcoin and Ethereum. There was a move below the $172 support zone to enter a short-term bearish zone.
The bears pushed the price below the $165 level and SOL tested the 50% Fib retracement level of the upward move from the $121.50 swing low to the $188.55 high. However, the bulls are still protecting the 50-day simple moving average (blue).
Solana price daily chart | Source: SOL/USD on TradingView.com
Solana is now trading in a bullish zone above the $150 level. There is also a major bullish trend line in place with support at $145 on the daily chart.
If there is a fresh increase, the price might face resistance near the $168 level. The first major resistance is now forming near the $172 level. A clear move above the $172 resistance zone could ignite a fresh surge.
The next major resistance is at $188, above which the bulls might aim for $200. A daily close above the $200 resistance could spark a steady increase in SOL toward the $225 level.
Another Setback for SOL?
Conversely, Solana might fail to clear the $172 resistance and continue to move down. Immediate support is near the $155 level and the 50-day simple moving average (blue). The first major support is seen near $148 and the 61.8% Fib retracement level of the upward move from the $121.50 swing low to the $188.55 high.
The next major support is near the trend line and $145. If the bulls fail to protect $145, the price could dive toward the $132 support. Any more losses might lead the price toward the $120 level.
Recently, Solana Summit schedule has been out with an exciting lineup of speakers, topics, and workshops aimed at maximizing learning.
The Solana Summit schedule is out We have an exciting lineup of speakers, topics, and workshops aimed at maximizing learning and business development opportunities for founders and developers Schedule: https://t.co/WjX134qKMGThe event includes two days of panels and… pic.twitter.com/qFY8fchGmp
— Solana Summit | APAC June 20-22 (@SolanaSummitOrg) June 7, 2024
Overall, SOL price is attempting a fresh increase above the $175 level. Having said that, Solana must surpass $188 to continue higher in the coming days.
The post Reviving Solana: Can SOL Price Stage a Strong Recovery? appeared first on CoinChapter.
