Solana (SOL) has established crucial support at $172, setting the stage for what could be a significant upward movement in the coming days. Recent technical analysis suggests a potential $360 target if this key support level continues to hold.
Key Technical Developments for SOL
- SOL price successfully broke above $160 and $165 resistance levels
- Current trading activity near $175 and the 100-hourly SMA indicates strength
- Formation of a bullish flag pattern with $172 support suggests accumulation
- Major resistance levels established at $180 and $185
Technical Analysis Deep Dive
The recent price action shows SOL forming a strong base above $155, mirroring the broader market’s bullish sentiment. After establishing this foundation, SOL demonstrated impressive momentum by breaking through multiple resistance levels.
Key Support and Resistance Levels
| Support Levels | Resistance Levels |
|---|---|
| $172 | $178 |
| $170 | $180 |
| $162 | $185 |
Bullish Scenario and Potential Targets
If SOL maintains its position above $172, the next significant move could target the $180-$185 range. A successful breach above $185 could accelerate the momentum toward $200, with $192 serving as an intermediate resistance level.
Risk Factors to Consider
Despite the bullish outlook, traders should monitor several risk factors:
- RSI indicating slight bearish divergence below 50
- MACD showing decreased momentum in the bullish zone
- Potential support breakdown below $170 could trigger a move to $162
FAQ Section
What is the next major resistance level for Solana?
The next major resistance level for Solana is at $180, followed by a stronger resistance at $185.
Conclusion
Solana’s current technical setup suggests a potentially strong continuation of its upward trend, provided the $172 support level holds. Traders should watch for a decisive break above $180 as confirmation of the next leg up toward $200.
