Key Takeaways:
SOL price remains above the $145 support level and the 50-day simple moving average (blue line).
A significant bullish trend line has been formed on the daily chart with support at $145.
Unless there is a daily close below $145, Solana could start a new wave of gains.
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Solana Bulls Prepare to Push SOL Price to the Moon
New Delhi (CoinChapter.com)- Solana (SOL) is consolidating above the $145 and $150 levels. The bulls need to break above the $172 resistance to trigger a fresh wave of gains in the coming days.
Solana Price Revisits Support Level
After a steady rise, Solana encountered strong resistance around $188. A high was formed around $188.55 and SOL slowly moved downwards, similar to
Bitcoin
and
Ethereum
The price has broken below the $172 support area and has entered a short-term bearish range.
The bears have sunk the price below the $165 level and SOL is testing the 50% Fibonacci retracement level of the up move from the $121.50 swing low to $188.55 high. However, the bulls are still protecting the 50-day simple moving average (blue line).


Solana price daily chart | Source: SOL/USD on
TradingView.com
Solana is now trading in a bullish range above the $150 level. There is also a significant bullish trend line in place on the daily chart with support at $145.
If there is a new rise, the price might face resistance near the $168 level. The first important resistance is currently forming near the $172 level. A clear breakout of the $172 resistance area could trigger a new wave of gains.
The next important resistance is at $188, above which the bulls may target $200. A daily close above the $200 resistance could trigger a steady rise in SOL towards the $225 level.
Another setback for SOL?
Conversely, Solana may fail to break above the $172 resistance and continue to fall. Immediate support is found near the $155 level and the 50-day simple moving average (blue line). The first significant support is found near $148 and the 61.8% Fibonacci retracement level of the swing low from $121.50 to $188.55 high.
The next important support is near the trend line and $145. If the bulls fail to protect $145, the price might decline towards the $132 support level. Further losses might lead the price towards the $120 level.
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Overall, the SOL price is attempting to break above the $175 level. Having said that, Solana must surpass $188 to continue its upward move in the coming days.