SOL Price Analysis: Solana Could Soon Rally Above $200

Solana price started a fresh increase from the $162.00 zone against the US Dollar.
The price is now trading above $180 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $175 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
The pair must clear $195 and $198 to continue higher in the near term.

Solana price is trading above $180 against the US Dollar, like Bitcoin. SOL could start a strong increase if it clears the $198 resistance.

Solana (SOL) Price Analysis

SOL price started a decent upward move from the $162.00 support zone. The price formed a base and was able to climb above the $172 and $180 levels.

There was a clear move above the 50% Fib retracement level of the downward move from the $209 swing high to the $162 low. The bulls were even able to push the price above the $185 resistance zone. Besides, there was a break above a key bearish trend line with resistance at $175 on the 4-hour chart of the SOL/USD pair.

However, the bears were active near the $198 resistance. SOL is now trading above $180 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $198 level or the 76.4% Fib retracement level of the downward move from the $209 swing high to the $162 low.

The next major resistance is near the $200 zone. Any more gains might send SOL price towards the $220 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $232 level.

On the downside, initial support is near the $185 level. The next major support is near the $180 level. A downside break below the $180 support level might push the price toward the $172 support. Any more losses might open the doors for more losses toward $162.

Looking at the chart, Solana price is trading above $180 and the 55 simple moving average (4 hours). Overall, the price must clear $195 and $198 to continue higher in the near term.