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Solana (SOL) Silent Climb: Will It Explode Past $200 While No One’s Watching?
By: coinchapter|2025/05/16 14:00:13
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Solana (SOL) started a fresh increase above the $150 resistance. The price is now consolidating gains and might start a fresh rally above $180. Solana Price Eyes More Gains In the last technical analysis, we discussed the chances of a fresh increase in Solana above the $140 zone. The price remained in a bullish zone and climbed above the $150 resistance. The bulls even pumped the price above the $160 resistance. The price settled above the 23.6% Fib retracement level of the downward move from the $295 swing high to the $95 low. More importantly, there was a close above the $162 pivot level and the 50-day simple moving average (blue). Solana tested the $180 resistance zone and recently started a consolidation phase. There was a minor correction, and the price dipped below the $175 level. SOL is now stable above the $170 level and the 50-day simple moving average (blue). There is also a key bullish trend line forming with support at $155 on the daily chart. If the bulls remain active above the trend line, the price could start a fresh increase like Bitcoin . Immediate resistance is near the $180 level. A convincing move above the $180 resistance could start a fresh increase. The first major resistance sits near the $195 level. It is close to the 50% Fib retracement level of the downward move from the $295 swing high to the $95 low. The next key resistance could be $200. A clear move above the $200 level could send the price toward the next key resistance at $218. A successful daily close above the $218 resistance might open the doors for a move toward the $250. Any more gains might send the price toward the $280 level or $295 in the coming weeks. Are Dips Supported In SOL? If SOL fails to surpass the $180 resistance, there could be another decline. Immediate support is near the $162 level. The first major support sits near the $155 level and the trend line. If there is a close below the $155 support, Solana price might dive and test the $142 support and the 50-day simple moving average (blue). The next key support could be the $120 level. Any more losses could send SOL toward the $100 support zone in the near term. Overall, Solana price is consolidating above the $155 support level. To start a fresh increase, SOL price must settle above the $180 resistance level. If not, the price could retest the 50-day simple moving average (blue).
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