TLDR
SOL price broke above $172 and is showing strong upward momentum
Support base formed above $162 level, following Bitcoin and Ethereum trends
Key technical break occurred above bearish trend line at $162
Price currently consolidating near $192 after reaching new high
Next major resistance levels are at $195 and $200
Solana (SOL) has demonstrated robust price action in recent hours, breaking through multiple resistance levels and establishing new support zones above $172.
The cryptocurrency’s latest movements suggest a continued upward trajectory as traders eye the psychological $200 mark.
The price movement began with a decisive break above the $162 level, following similar positive trends seen in major cryptocurrencies Bitcoin and Ethereum.
This initial surge provided the foundation for further gains, as SOL quickly conquered the $165 and $172 resistance points.
Technical analysis reveals a crucial development in the form of a breakout above a bearish trend line, which previously acted as resistance at $162 on the hourly chart of the SOL/USD pair. This technical event marked a shift in market sentiment and opened the path for additional upside potential.
The upward move continued with momentum, pushing past $185 and establishing a new local high at $192. The price is currently in a consolidation phase, trading well above both $172 and the 100-hourly simple moving average, indicating sustained bullish pressure.
Looking at the Fibonacci retracement levels, SOL maintains its position above the 23.6% retracement level of the recent upward move, which started from the $155 swing low and extended to the $192 high. This suggests that buyers remain in control of the market momentum.
The immediate resistance zone lies near $192, with $195 representing the next hurdle for bulls to overcome. Should buying pressure persist, the $200 level stands as a key psychological resistance point that could attract increased trading activity.
Beyond $200, technical analysts have identified $212 as the subsequent resistance level, followed by $220, which could come into play if the current rally maintains its strength.
However, market participants should note potential support levels in case of a price correction. The first notable support sits at $188, followed by a more substantial support zone around $180.
The hourly MACD indicator shows positive momentum in the bullish zone, supporting the current upward trend. Additionally, the Relative Strength Index (RSI) remains above the 50 level, indicating healthy buying pressure in the market.
If selling pressure emerges, the $172 zone coincides with the 50% Fibonacci retracement level of the recent upward move, potentially serving as a strong support area. A break below this level could lead to a test of the $165 support.
The trading volume patterns suggest active participation from market participants, with sustained buying interest supporting the price action. The break above key moving averages has also attracted technical traders to the market.
Current price action shows SOL trading with reduced volatility near the $192 level, as traders assess the next potential move. The consolidation phase may provide a foundation for the next leg up, provided market conditions remain favorable.
The technical structure of the market shows the formation of higher lows and higher highs, a classic indication of an upward trend. This pattern has remained intact throughout the recent price action.
The market maintains healthy liquidity levels across major exchanges, allowing for smooth price discovery and reducing the risk of sudden price spikes or crashes.
The most recent data shows SOL holding steady above the $172 support level, with active trading continuing around the $192 resistance zone.
The post Solana Breaks $172 Level, Technical Analysis Points to $200 appeared first on Blockonomi.
