TLDR
- SOL price is showing bullish momentum, currently trading above $172
- Solana network gaining traction with new project launches and meme coin adoption
- Chainlink initiative encouraging developers to “Build on Solana” is drawing new dApps
- Technical analysis shows a bullish trend line with support at $170
- Experts forecast SOL could reach $200 by the weekend if momentum continues
Solana (SOL) is making a steady climb toward the $200 mark as the cryptocurrency shows resilience amid broader market recovery. The digital asset has been gaining momentum over the past few days, with experts eyeing the weekend as a potential timeline for breaking through key resistance levels.
The overall crypto market has shown signs of recovery this week, gaining over 1.5% in daily trading value. This upward trend has provided a favorable environment for SOL to advance.
SOL’s price movement has been eventful in recent days. After dropping from a high of $181 to a low of $159 last week, the cryptocurrency has managed to recover. It climbed to $172 before facing rejection and dropping to $164.
Currently, SOL is trading above $172 and the 100-hourly simple moving average. Technical analysts have identified a bullish trend line forming with support at $170.
The token formed a base above $165 and started a fresh increase, mirroring movements seen in Bitcoin and Ethereum. SOL gained enough momentum to push above both $170 and $172 resistance levels.
Network Growth Fueling Price Action
A key driver behind Solana’s price movement is the growing adoption of its network. The SOL ecosystem has been attracting popular meme coins and new project launches, helping sustain its bullish momentum.
Chainlink’s recent initiative has been particularly impactful. The “Build on Solana” program offers developers mentorship, tools, and support for startup projects. This effort is successfully drawing new decentralized applications (dApps), non-fungible tokens (NFTs), and decentralized finance (DeFi) projects to the Solana network.
The Unilabs Finance presale has also contributed to the ecosystem’s growth, crossing over $740,000 in token sales. UNIL tokens, available for $0.005 in stage 2, are attracting investor interest due to their potential for generating passive income streams.
These developments have positioned SOL to potentially break through the $170 resistance point, which has proven challenging over the past two days.
Trading experts believe the price could move beyond $180 if sufficient bullish momentum is generated as markets recover and investors return seeking gains.
On the technical side, SOL formed a high at $177.50 and is now consolidating gains above the 23.6% Fibonacci retracement level of the recent wave from the $165 swing low to the $177.50 high.
The price is facing resistance near $178, with the next major resistance around $180. The main resistance could be at $185, and a successful close above this level could set the pace for another steady increase.
If SOL breaks above these levels, the next key resistance would be $192, potentially opening the path toward the coveted $200 mark.
However, analysts note that if SOL fails to rise above the $180 resistance, it could start another decline. Initial support is near $174.50, with major support at $172 and further support at $170. A close below $170 could send the price toward $162 in the near term.
The hourly MACD for SOL/USD is gaining pace in the bullish zone, while the RSI remains above the 50 level, suggesting continued positive momentum.
Some analysts caution that investor hesitation due to delays in the SEC’s announcement of a SOL ETF could impact this bullish trend over time.
The post Solana (SOL) Price: Moving Above $172 as Technical Indicators Turn Bullish appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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