Key Takeaways:

  • SOL price extended gains and cleared the $188 resistance zone.

  • It cleared a short-term bullish flag with resistance at $182 on the daily chart.

  • Solana seems to be preparing for a fresh surge above the $200 resistance zone.

Solana price prediction

NEW DELHI (CoinChapter.com) — Solana (SOL) is signaling a fresh uptrend above $180 and $188. The bulls might even aim for a new high above $205.

Solana Price Eyes Another Upside Break Above $162

In the recent Solana price analysis with a weekly chart, we discussed how the bulls might soon aim for a move above the $180 level and target $200. They pushed the price above the $180 and $188 resistance levels to start a fresh increase.

During the increase, the price settled above the 76.4% Fib retracement level of the downward move from the $188.91 swing high to the $121.22 low and the 50-day simple moving average (blue). Recently, it surpassed a short-term bullish flag with resistance at $182 on the daily chart.

Solana price daily chart | Source: SOL/USD on TradingView.com

Solana is up over 5% in the past two sessions, outperforming Bitcoin and Ethereum. It is also showing signs of strength above the $188 resistance zone. It seems like the price could soon hit the $200 handle.

The first major resistance sits near the $205 level (the last major swing region). It now coincides with the 1.236 Fib extension level of the downward move from the $188.91 swing high to the $121.22 low. A successful daily close above the $200 resistance and then a follow-up move above the $205 level could set the tone for another rally.

The next major resistance is at $220, above which the bulls might aim for $232. Any more gains might send SOL toward the $250 level.

Recently, .blink was launched on Solana to support a composable identity. Users can own their identity and social connections across all Solana apps via .blink!

Your Solana identity and social graph are now yours to own.Schrödinger's .blink: Your ideal username is both available and taken until you claim it https://t.co/luVfk1TlCt

— Solana (@solana) July 26, 2024

Short-Term Pullback In SOL?

Conversely, Solana might fail to clear the $205 resistance and start a downside correction. Immediate support is near the $180 level and a connecting bullish trend line on the same chart. The first major support is seen at nearly $165.

A downside break and close below the $165 support could spark heavy bearish moves. In the stated case, the price might decline toward the $150 support level and the 50-day simple moving average (blue). The main uptrend support is still near the $120 level.

The SOL price is rising and might soon clear the $200 resistance. If the bulls even cleared $205, SOL could rally and test the $220 resistance.

The post Solana Price (SOL) Approaches $200: Is a Big Breakout on the Cards? appeared first on CoinChapter.