Solana (SOL) is currently maintaining its position above the crucial $145 support level and the 50-day simple moving average on the daily chart. A significant bullish trend line is taking shape with support at $145, indicating a potential for a new uptrend in the near future unless there is a daily close below $145.
The bulls are gearing up to push SOL price towards new highs, with the need to surpass the $172 resistance to kickstart a fresh surge in the upcoming days. Following a steady rise, Solana encountered strong resistance around the $188 mark, leading to a slight decline similar to Bitcoin and Ethereum. The price dipped below the $172 support area, entering a short-term bearish phase.
Despite this, the bulls have managed to defend the 50-day simple moving average, keeping Solana in a positive zone above $150. The daily chart also shows a bullish trend line providing additional support at $145.
In the event of a bullish continuation, the price could encounter resistance near $168, with a key barrier forming at $172. A clear breakthrough above this level could trigger a fresh uptrend, with the next major resistance at $188 and a potential target of $200. A daily close above $200 could pave the way for further gains towards $225.
On the flip side, if Solana fails to overcome the $172 resistance, it may experience further downside pressure. Immediate support lies around $155 and the 50-day moving average, followed by a major support at $148 and the 61.8% Fibonacci retracement level. The trend line and $145 mark serve as additional crucial support levels, with a breach potentially leading the price towards $132 and even $120.
The upcoming Solana Summit promises an exciting lineup of speakers, topics, and workshops designed to enhance learning opportunities. Overall, SOL price is striving to break above $175 to continue its upward trajectory, but a decisive move past $188 is essential for sustained growth in the days ahead.