Solana (SOL) Price Up 5%: Is $200 Target Achievable?

Solana has started a fresh rally above the $175 zone. SOL price is showing signs of strength and could rise further above the $185 resistance.

SOL price started a clear upward movement above the resistance level of $175 against the US dollar.
The price is currently holding above $175 and the 100-hour straightforward moving average.
On the hourly chart of the SOL/USD currency pair, a key uptrend line is forming with support at USD 176 (data source: Kraken).
The pair may attempt further growth if it breaks through the resistance level of USD 185.

Solana Price predicts more gains above $185

Solana price remained in the positive zone above $150 and continued to grow above $155. SOL started a modern rally above the $162 and $165 resistance levels, outperforming Bitcoin and Ethereum.

There was a move above the $180 level. The price rose over 5% and tested the $185 resistance. A high formed at $185.11 and the price is currently consolidating gains near the 23.6% Fibonacci retracement level of the upside move from the $170.58 swing low to the $185.11 high.

Solana is now trading above the $180 level and the 100-hour straightforward moving average. There is also a key bullish trendline forming with support at $176 on the hourly chart of the SOL/USD pair. This is near the 61.8% Fibonacci retracement level of the upside from the swing low of $170.58 to the high of $185.11.

On the downside, the price could face resistance near the $185 level. The next major resistance is near the $188 level. A successful close above the $188 resistance could set the pace for another solid rally. The next key resistance is near $192. Any further gains could take the price towards the $200 level.

Does SOL support DIPs?

If SOL fails to break above the $185 resistance, it could begin a downside correction. Initial downside support is near the $180 level. The first major support is near the $176 level and the trendline.

A break of the $176 level could see the price rally towards $168. If a close occurs below the $168 support, the price could decline towards the $155 support in the near future.

Technical indicators

Hourly MACD – MACD for the SOL/USD pair is gaining momentum in the growth zone.

Hourly RSI (Relative Strength Index) – RSI for the SOL/USD pair is above the 50 level.

Major support levels – $180 and $176.

Major resistance levels – $185 and $188.