Solana (SOL) has once again broken the important USD 200 barrier after a strong rise from the USD 175 support level. The cryptocurrency benefited from a broader market trend up, with Bitcoin and Ethereum also posting gains. The break above key resistance levels such as USD 188 and USD 200 has created optimism among investors.
Solana breaks the $200 barrier
Solana’s recent rise began after it found a solid base around $175. This gave the bulls enough strength to break the resistances at $180, $185 and finally $188. This move led to a peak of $215, after which the price stabilized around $210. This level is above the 100-hour moving average, indicating healthy technical fundamentals.
The current price movement is supported by an ascending trendline with crucial support at $196. This level acts as an important buffer against possible corrections. On the upside, the levels around $215 and $220 form the next major resistance zones. Breaking these barriers could pave the way for a further rise to $235 or even $245.
Resistance levels test the strength of the bulls
While Solana’s recent price movement is positive, the cryptocurrency is at a pivotal point. If the bulls manage to break the USD 205 resistance level, it could strengthen the momentum and push the price towards USD 220. This would also increase investor confidence and attract more capital.
However, if the price is unable to break through these resistances, a pullback may follow. A drop below the $200 support would be an initial signal of a weaker uptrend. If Solana falls further to $196 or even $185, the likelihood of a deeper correction increases, with $172 acting as the next major support level.
What is at stake?
The coming days will determine Solana’s course. With a strong technical basis, further upside seems possible, but the resistance levels around $215 and $220 will be crucial. At the same time, the broader crypto market remains unpredictable, and any market-wide volatility could also impact Solana.
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Source: https://newsbit.nl/solana-doorbreekt-200-zet-de-stijging-door-of-volgt-een-terugval/
