$SOL Needs to Hold $200 for Next Rally: Will It Succeed? - NewsBTC Analytics

SOL has shown strength by forming a support base above $185, mirroring Bitcoin and Ethereum's upward momentum. After breaking key resistance levels at $195 and $200, SOL even surged past $212, reaching a high of $225. However, a correction followed, pushing the price back below $220 and $212, dipping beneath the 50% Fibonacci retracement of the upward move from $195 to $225. Additionally, the break of a bullish trend line at $210 has SOL now trading under $212 and the 100-hour simple moving average.

The $200 support level is crucial as it aligns with the 76.4% Fib retracement. Immediate resistance lies at $208, with $212 and $225 as key hurdles. A close above $225 could lead to gains toward $242 or even $250. However, failure to breach $212 could push the price further down. A break below $200 might signal a retest of the $195 or even $185 levels in the short term.