Key Takeaways:
SOL price is holding gains above the $142 support zone.
A major bullish trend line is forming with support at $140 on the daily chart.
Solana seems to be eyeing a major breakout above the $160 and $162 resistance levels.
Solana price analysis
Solana (SOL) is rising above $150. The bulls could gain strength if there is a close above the $162 resistance zone.
Solana Price Eyes Major Breakout
In the past few technical analyses, we discussed the importance of the $162 resistance for Solana. The price failed on many occasions and corrected gains. The last dip was toward the $132 support before the bulls emerged.
A low was formed at $133.52 and the price is now rising, like Bitcoin. There was a decent increase above the $142 and $145 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $162.10 swing high to the $133.52 low.
Solana price daily chart | Source: SOL/USD on TradingView.com
Solana is now showing signs of strength above the 50-day simple moving average (blue) and $148. It is now consolidating near the 76.4% Fib retracement level of the downward move from the $162.10 swing high to the $133.52 low.
Immediate resistance sits near the $158 level. The first major resistance sits near the $160 level. A clear move above the $160 level could send SOL toward the main hurdle at $162.
A successful daily close above the $162 resistance and then a follow-up move above the $168 level could spark heavy bullish moves. The next major resistance is at $180 or the 1.618 Fib extension level of the downward move from the $162.10 swing high to the $133.52 low, above which the bulls might aim for $185.
Recently, Solana announced that USDT is now available on Allbridge. It allows users to easily bridge USDT to other stablecoins from EVM to Solana natively.
Solana USDT is now available on @Allbridge_io With Allbridge Core, you can easily bridge @Tether_to and other stablecoins from EVM to Solana natively. https://t.co/6wtrFOlFlF pic.twitter.com/qCwFbowRtB
â Solana (@solana) October 15, 2024
Another Rejection for SOL?
Conversely, Solana price might again fail to surpass the $162 resistance and trim gains. Immediate support is near the $148 level. The first major support sits near the $142 level. There is also a connecting bullish trend line forming with support at $140 on the daily chart.
The next major support is near the $132 level. A downside break below the $132 support might resend the price toward the main support at $120 (a multi-touch zone). Any more losses could send SOL toward the $108 support.
Overall, Solana price is gaining strength above $150. However, SOL must settle above $160 and $162 to set the stage for a larger increase in the coming days.
The post Solana (SOL) Eyes $185 Surge: Is The Next Crypto Boom Here? appeared first on CoinChapter.
