Solana price is on course to retesting the all-time high set in October after last week’s unsuccessful attempt. While it will likely experience some resistance on its path, the target is viable for as long as the bulls are able to defend the support zone at $200. In the meantime, the high reached on the first day of the new month will probably be a noteworthy resistance level.
SOL is holding steady above the psychological level of 200 after rebounding past it on Sunday. Notably, it has been a crucial zone for the altcoin since breaking out of the resistance level of 160 one-and-a-half weeks ago.
At the time of writing, Solana price was up by 0.09% at 204.22. On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages. These technical indicators point to further gains in the ensuing sessions.
At its current level, the crypto will likely find support along the 25-day EMA at 201.83. Below that level, I expect it to bounce off the crucial support zone of 200. A move below that zone may signal a change in trend with the bears eyeing the prior support level of 185.51.
On the upside, 211.68 is the immediate resistance level to watch out for. With enough bullish momentum to break that resistance, Solana price will be in good shape to retest and surpass the all-time high of 219.25 set in the past week.
This post was last modified on %s = human-readable time difference 07:18