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Solana has shown recuperation following a bounce back from a dip to the $165 support level, which is regarded as a reversal point. The current trading price of about $179.13 shows this huge upward move that has been backed by a very strong trading volume of around $3.48 billion over the past 24 hours. Several resistance levels have been surpassed by Solana, including the crucial $170 mark, where also on the hourly chart, there was a bearish trend line break. This bullish breakout indicates strong buying interest and market confidence in short-term prospects for SOL.
Solana is now trading near the $175 level and the 100-hourly simple moving average, which is immediate support. It is approaching the 61.8% Fib retracement level of the recent decline from $182.51 to $165.12.This might act as minor resistance before targeting the major resistance at $182.50. If Solana manages to clear the $182.50 resistance, there could be a clear path toward the $192 level.
The psychological barrier of $200 remains a significant target. The momentum the hourly MACD indicates in the bullish zone supports the potential for these upward movements. Should SOL face rejection near current or higher levels, it has established support at $172 and the more critical $170. A break below these could push prices towards the $165 zone again, which, if breached, might lead to further declines towards $155.
Solana’s recent surge comes after consolidating around $165 support where it showed strong bullish signs for some time. Several technical indicators are aligning themselves in favor of more gains being realized on this particular token. For instance, SOL has consistently remained above key support levels provided by 50,100 and even 200 EMA. The price is now approaching the critical resistance area at around the $182.50 level; should there be a break above that point then doors will be opened for further highs towards $192 and possibly even more than $200.
The Relative Strength Index(RSI) presently positions at 64 showing that the asset needs to be overbought despite significant buying interest. Should the price break above the level of resistance located at $182.50, it can continue advancing towards $192 and reach 200. Current bullish momentum supported by positive RSI & strong EMA levels suggests more upside potentiality for Solana. In case of failure to clear the said level, the latter will retest support at $172 as well as $170 which if broken down might trigger a further decline toward the $165 support.
According to market expert Ali Martinez, Solana is expected to surge by up to 900% thus driving its price to around $1,630. The forecast is based on the technical strength of SOL and strong support zones highlighted by Ali Martinez. He also points out that the reading of RSI being at 64 coupled with staying above key EMA(s) indicates this viewpoint is correct. If Solana manages to hold above major supports besides overcoming resistance situated at $182.5; the asset could be poised for massive future gains.
