Solana (SOL) price is holding gains above the $200 support. The bears seem to be eyeing a push toward the $200 support, where the bulls might take a stand.
Solana Price Remains Supported For More Gains
Solana started a downside correction after struggling to clear the $262 resistance. There was a move below the $250 and $240 levels, unlike Bitcoin and Ethereum. The bears even pushed the price below the $230 support zone.
There was a close below the 23.6% Fib retracement level of the upward wave from the $120 swing low to the $263 high. The price is now consolidating below the $230 resistance zone and trading near the 50-day simple moving average (blue).
Solana price daily chart | Source: SOL/USD on TradingView.com
Solana price is now following a key declining channel or a bullish flag with resistance at $228 on the daily chart. However, it is also showing a few bearish signs and there are chances of a short-term downside thrust.
Immediate support is near the $210 level. The first major support sits near the $205 level. The main support is now forming near the $195-$200 zone. It coincides with the 50% Fib retracement level of the upward wave from the $120 swing low to the $263 high, below which the price might gain bearish momentum.
The next Solana price support sits at $175, and a key bullish trend line on the same chart. Any more losses could send SOL toward the $155 support zone in the near term.
Fresh Surge for SOL?
Conversely, Solana could see a fresh increase from $205 or $195. Immediate resistance sits near the $225 level. The first major resistance sits near the $228 level and the flag zone. A clear move above the $228 and $230 levels could send SOL toward the next key resistance at $250.
A successful daily close above the $250 resistance might open the doors for a test of the $262 barrier. If there is a clear move above the $262 barrier, the price could rise toward the $300 level in the coming days.
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— SEND AI (@sendaifun) December 17, 2024
Overall, Solana price is consolidating and might see a dip toward the $205 support or even $195. To start a fresh surge, SOL must settle above the $230 pivot level.
