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Solana Price Outlook: SOL Signals Price Boom Toward $188
The price of Solana (SOL) has just started to climb above the $150 resistance level, and it’s now showing bullish signs that could potentially lead to a massive surge. In this article, we’ll dive into the details of the current market trends and predict whether SOL will indeed boom toward $188.
Recently, we discussed the possibility of an upside break if Solana remained above the $125 support zone. The bulls did their part in pushing the price above the $145 and $150 resistance levels, which has opened up more opportunities for gains.
As we can see on the daily chart, Solana cleared a declining channel/bullish flag pattern (as discussed in our previous analysis), providing an opportunity for further growth. This recent trend indicates that SOL is now showing positive signs similar to those seen in Bitcoin, and it might soon attempt another increase.
The current price action suggests that there are two possible scenarios: either the price will continue to rise or drop. If Solana remains above the $155 level and 50-day simple moving average (blue), we could be looking at a significant surge. A convincing move above this resistance could send the price toward $188, followed by potential visits to the $200 and even $220 levels.
However, if SOL fails to clear the $155 hurdle, it’s likely that we’ll see a short-term pullback. If such an event occurs, the immediate support would be near the $148 level and the same channel trend line. Additionally, there could be potential for further losses if the bulls fail to protect the $126 support.
Source: coinchapter.com
