Key Takeaways:
SOL price climbed higher and cleared a major hurdle at $162.
A key bullish trend line is forming with support at $145 on the daily chart.
Solana could continue to rise toward the $180 and $195 resistance levels.
Solana SOL price prediction
Solana (SOL) is gaining pace above $162. The current price action is positive and suggests more gains toward the $195 level.
Solana Price Signals Major Breakout
In the last technical analyses, we discussed how Solana could clear the $155 and $162 resistance levels to move into a positive zone. In the past few sessions, Bitcoin climbed over 5% and broke the $68,000 resistance. It helped SOL in clearing a few hurdles including $162.
During the increase, the price surpassed the 61.8% Fib retracement level of the downward move from the $194.32 swing high to the $109.79 low. It also settled above the $162 resistance zone and the 50-day simple moving average (blue).
Solana price daily chart | Source: SOL/USD on TradingView.com
Solana is now showing signs of strength above the $165 resistance level. If the bulls remain in action and the cryptocurrency market remains positive, the price could continue to rise above $170.
Immediate resistance sits near the $175 level. It is close to the 76.4% Fib retracement level of the downward move from the $194.32 swing high to the $109.79 low. The first major resistance sits near the $180 level. A clear move above the $180 level could send SOL toward the main hurdle at $188.
A successful daily close above the $188 resistance and then a follow-up move above the $190 level could spark heavy bullish moves. The next major resistance is at $195, above which the bulls might aim for $220.
Recently, Solana shared an update as it approaches the Halloween meetup on Tuesday, 31 October. There are many Solanaween meetups organized.
Spooky szn is here. Solanaween is nearly upon us That means it's time to meet up IRL â where ideas are summoned and builders emerge from the shadows.Itâs spookily simple for anyone in the Solana ecosystem to host or join their own Halloween meetup on Tuesday, 31 October.⊠pic.twitter.com/nb5ma6DEqY
â Solana (@solana) October 18, 2024
Downside Correction In SOL?
Conversely, Solana might struggle to surpass the $175 resistance and start a downside correction. Immediate support is near the $162 level (the recent breakout zone).
The first major support sits near the $155 level. The main support is now forming near the $145 level. There is also a key bullish trend line forming with support at $145 and the 50-day simple moving average (blue) on the daily chart.
A downside break below the $145 support might resend the price toward the $132 level. Any more losses could send SOL toward the $120 support zone in the near term.
Overall, Solana price is gaining strength above $162. However, SOL could continue to rise toward the $188 and $195 resistance levels if it clears the $175 barrier.
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