Solana (SOL) Price Holds Key Uptrend Support, Eyes $200 if Bulls Break $175 Resistance

Solana (SOL) price is consolidating above $120 and $130. SOL could gain bullish momentum if it surpasses $160 and then $175.

Key Takeaways:

Solana (SOL) price is consolidating above $120 and $130.

SOL could gain bullish momentum if it surpasses $160 and then $175.

Solana price remained stable near the $120 support zone after a major decline. It spiked and tested the 50-week simple moving average (blue) where the bulls took a strong stand. A low was formed at $109.79 and the price started a fresh increase.

There was a move above the $125 and $130 resistance levels. SOL even cleared the 50% Fib retracement level of the downward move from the $194.32 swing high to the $109.79 low.

However, the bears are active near the $160 and $162 levels. Solana is now consolidating near the $140 level and is well above the 50-week simple moving average (blue). The current price action suggests that the price is struggling to gain bullish momentum above $150.

Solana Price Could Rise To $175 Next

The first major resistance is near the $162 level. It is close to the 61.8% Fib retracement level of the downward move from the $194.32 swing high to the $109.79 low. If the bulls push the price above the $162 resistance, Solana price could gain bullish momentum.

The next key resistance for the bulls could be $175. There is also a major contracting triangle forming with resistance at $175 on the weekly chart. A close above the triangle resistance could start a fresh surge. In the stated case, the price could rise and test $200. Any more gains might send SOL toward the $220 level.

Conversely, SOL price might struggle to rise above $162 or $175. In the stated scenario, the price might face another drop. The first major support is near the $135 level and the triangle’s lower trend line. The next major support is forming near the $130 level.

The main uptrend support for the current wave sits at $120. If the bulls fail to protect the $120 support, the price might accelerate lower. In the stated scenario, Solana could revisit the $110 level or the 50-week simple moving average (blue). The next key support is near the $100 level, below which SOL price might test $80.

Solana’s Adoption Is Growing Rapidly

Solana adoption is growing rapidly with new use cases emerging every day. Recently, Selecta activated six smart fridges in Paris and more than twenty additional locations throughout France to enable USDC transactions on Solana. Consumers can now use the smart fridges to buy a snack or drink and pay for it with stablecoin.

Every second counts ft. @enjoyselecta ??Need to make a pitstop? Selecta smart fridges accepting USDC are waiting for you.

They're new to Solana and X — give them a follow! pic.twitter.com/qJP4hbnoIW

Overall, SOL price is still well above the $120 pivot level having said that, Solana must surpass $162 and $175 to continue higher in the medium term.

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