Solana (SOL) is ramping up efforts: Is a new wave coming soon?

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The price of Solana (SOL) has started to rebound after finding support in the $175 support area, and is currently striving to break through the key resistance zones of $200 and $205.

Key Technical Levels

Upward Resistance:

Short-term resistance level: $202

Major resistance level: $208 (61.8% Fibonacci retracement level of the downtrend).

If the price breaks through $208, it may test $215, with further targets at $220 and $235.

If the bulls successfully push the price above $220, it could rise further to $250.

Downward Support:

Initial support level: $195

Major support level: $188

If the price falls below $180, it may retrace to $175. If the $175 support level is lost, the price may further drop to $162.

Technical Indicator Analysis

Trend Line Breakout: On the hourly chart, SOL/USD has broken the bearish trend line resistance at $185, indicating a short-term bullish trend.

Fibonacci Retracement Level:

The 50% retracement level from the $228 high to the $175 low is around $200, currently acting as resistance.

The 61.8% retracement level at $208 is a key point for short-term breakout.

Moving Averages: The price is above the 100-hour simple moving average, indicating that bulls are dominant in the short term.

Potential for SOL Bullish Trend

If SOL can break through $208 and hold above $215, it may attract more buyers, pushing the price toward the $235 to $250 region.

Bearish Risks

If SOL fails to break through the $208 resistance, a pullback may occur. The support area is at $195 and $188; if it loses $175, it may trigger a deeper decline.

Solana currently shows signs of recovery but still faces important resistance zones. In the short term, attention should be paid to the breakout situation at $208 and changes in trading volume. If it fails to break through, the asset may test the support area again. Investors should closely monitor changes in technical indicators and market sentiment.

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