Solana's value has been on the rise, breaking through the $175 barrier. With a 10% increase, SOL might continue its upward trend if it can surpass the $188 hurdle.

The SOL price has seen a significant jump, testing the $188 resistance against the US Dollar. It is currently trading above $180 and the 100-hour simple moving average.

A key bullish trend line is forming, with support at $175 on the hourly chart of the SOL/USD pair. If SOL fails to stay above $175, it might not clear the $188 resistance.

Solana's Fresh Rally

Solana's price formed a support base near $166 and started a new surge. Following the recent increases in Bitcoin and Ethereum, SOL has entered a positive zone.

The price moved above the $175 and $180 resistance levels, even testing the $188 resistance. A high was formed at $188.00, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $166 swing low to the $188 high.

Solana is now trading above $188 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $175 on the hourly chart of the SOL/USD pair.

Solana's Price Outlook

Immediate resistance is near the $185 level. The next major resistance is near the $188 level. A successful close above the $188 resistance could lead to another significant increase. The next key resistance is near $195. Any further gains might push the price toward the $200 level.

Support for SOL Dips

If SOL fails to rally above the $188 resistance, it could start a downward correction. Initial support on the downside is near the $182 level. The first major support is near the $178 level and the trend line.

The 50% Fib retracement level of the upward move from the $166 swing low to the $188 high is also at $178, below which the price could test $175. If there is a close below the $175 support, the price could decline toward the $166 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $158, and $152.

Major Resistance Levels – $165, $172, and $180.