Solana (SOL) Price Regains Traction, Showing Bullish Signs Above $200

The price of Solana (SOL) is showing bullish signs above $200. It could gain bullish momentum if it surpasses $235 and then $242.

Key Takeaways:

Solana (SOL) price is showing bullish signs above the $200 level.

If SOL price surpasses $235 and then $242, it could gain bullish momentum.

Downside correction might occur if the price fails to rise above the $232 resistance.

Solana (SOL) price showed a strong recovery last week and it even climbed above the $185 resistance. The price is now trading above the $200 pivot level and the 50-week simple moving average (blue). It seems like SOL price is eyeing more upsides in the near term.

Solana Price Analysis

The cryptocurrency market saw bullish moves and Bitcoin, Ethereum, Dogecoin, and Solana all climbed higher significantly. In the past seven days, SOL price rose by more than 35%, outperforming most other large-cap cryptocurrencies.

From a low of $148, Solana price recovered and it even cleared a couple of key hurdles at $165 and $175. It even cleared a major contracting triangle with resistance at $185 on the weekly chart.

Moreover, the price also surpassed the 76.4% Fib retracement level of the downward move from the $210 swing high to the $109 low.

Solana is now trading well above the $200 pivot level and the 50-week simple moving average (blue). The current price action suggests that the price is eyeing more upsides above the $220 and $225 resistance levels.

The first major resistance is near the $232 level. It is close to the 1.236 Fib extension level of the downward move from the $210 swing high to the $109 low.

If the bulls push the price above the $232 resistance, Solana price could gain bullish momentum. The next key resistance for the bulls could be $250. A close above the $250 barrier could spark a 15%-20% increase. In the stated scenario, the price could rise and test $275. Any further gains might send SOL toward the $300 level.

Recently, PayPal shared an update regarding the integration of LayerZero to enable the seamless movement of PYUSD across Ethereum and Solana.

PYUSD can now move seamlessly across Ethereum and Solana using @LayerZero_Core.

This provides PYUSD holders with the choice of Ethereum and Solana whenever they choose with frictionless transfers between chains.

Learn more: https://t.co/ccWw8T7XMu pic.twitter.com/aBYBOsknJD

Downside Correction In SOL?

Conversely, SOL price might struggle to rise above $232 or $235. In the stated scenario, the price might start a downside correction. Immediate support is near the $200 level.

The first major support is near the $185 level and the triangle’s upper trend line. The next major support is forming near the $160 level. The main uptrend support for the current wave sits at $140 and the 50-week simple moving average (blue).

If the bulls fail to protect the $140 support, the price might accelerate lower. In the stated scenario, Solana could revisit the $120 level.