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Solana (SOL) Charging Ahead: Bulls Eye Game-Changing Resistance Break
January 17, 2025 – The Solana price has recently started a fresh increase from the $184 support zone. This upward momentum is now eyeing a crucial resistance break above the $215 mark.
As seen on the charts, Solana (SOL) was previously trading within a downtrend. However, a sharp turnaround took place near the $184 area, leading to an impressive bounce and a rapid upswing. With SOL currently consolidating above the $205 level and the 50-day simple moving average (blue), it seems that the bulls are gaining momentum.
The price has already broken above the 61.8% Fib retracement level of the downward move from the $223 swing high to the $183 low, a strong sign that the bears may be exhausted. Additionally, SOL’s chart indicates the formation of a contracting triangle with resistance at $215 on the daily chart. This trend line is also close to the 76.4% Fib retracement level.
If bulls fail to clear this crucial resistance level, it could trigger another bearish reaction. A possible support zone lies near the $202 mark. If that doesn’t work out, further support will be found at $200, while a breakdown below the main support at $185 could potentially lead to more losses and a test of the $175 support.
However, if SOL manages to overcome this hurdle, the door is open for an explosive upward move. The next resistance levels lie around $232 and $250 respectively, with any gains above these barriers potentially sending the price toward the $265 barrier.
Source: coinchapter.com
