Solana demonstrates strength by holding above crucial support at $175,100 USDT to USD with current price action indicating recovery toward key resistance levels.
SOL establishes new upward trajectory after successfully retesting the $175 support level against USD.
The asset currently trades comfortably above $190, maintaining position above the 100-hour moving average.
Technical breakthrough occurred as price surpassed a descending trendline resistance at $185 on SOL/USD charts.
Market observers note potential for extended gains should buyers overcome the $205 resistance barrier.
Technical Setup Favors Bullish Scenario
Following consolidation near $185, Solana initiated fresh upward movement mirroring broader market trends. The cryptocurrency has overcome successive resistance levels at $190 and $192, demonstrating improving market structure.
The recent breakout above the $190 trendline resistance marked significant technical progress. Current price action approaches the 50% Fibonacci retracement level drawn from the $228 peak to $175 trough, suggesting potential for continuation.
Immediate resistance appears near the psychologically important $200 level, with subsequent barriers at $202. The asset maintains position above both the $190 support and 100-hour moving average, indicating underlying strength.
Potential Price Trajectories
Critical resistance awaits near $208, representing the 61.8% Fibonacci retracement level. A decisive close above $215 could open path toward $220, with extended targets at $235 and potentially $250 should bullish momentum sustain.
Conversely, failure to overcome $208 resistance might trigger corrective movement. Initial support emerges at $195, followed by stronger demand zones at $188 and $180. A breach below $175 could test the $162 support level.
Market Indicators Overview
Technical studies currently favor bulls:
- Hourly MACD shows strengthening bullish momentum
- RSI maintains position above the neutral 50 level
- Key support levels: $195 and $188
- Major resistance levels: $208 and $215
The technical landscape suggests Solana may be preparing for its next directional move, with market participants closely monitoring these critical levels.
