Solana (SOL) Attempts a Fresh Increase Above the $165 Pivot Zone

After a major decline, Solana found support near the $120 support zone. A support base was formed at $120 and the price started a fresh increase

Solana (SOL) price is attempting a fresh increase above the $165 pivot zone. Having said that, the bulls must clear the $188 resistance to ignite a fresh surge.

Solana Price Turns GreenAfter a major decline, Solana found support near the $120 support zone. A support base was formed at $120 and the price started a fresh increase. There was a steady increase above the $132 and $150 resistance levels.

The bulls even pumped the price above the 50% Fib retracement level of the downward wave from the $210 swing high to the $116 low. More importantly, SOL price settled above the $165 pivot level and the 50-day simple moving average (blue).

Solana is now trading in a bullish zone above the $175 level. There is also a major bullish trend line in place with support at $135 on the daily chart.

The bulls are now facing hurdles near the $188 zone. It is close to the 76.4% Fib retracement level of the downward wave from the $210 swing high to the $116 low. A clear move above the $188 resistance zone could ignite a fresh surge.

The next major resistance is at $200, above which the bulls might aim for $210. A daily close above the $210 resistance could spark a steady increase in SOL toward the $240 level.

Dips Limited In SOL?On the downside, if Solana fails to clear the $188 resistance, it might begin another decline. Immediate support is near the $175 level. The first major support is seen around $162 (the recent breakout zone). The next major support is around the 50-day simple moving average (blue) at $155.

If the bulls fail to protect $155, the price could head toward the $132 support. Any further losses might lead the price toward the $120 level.

Solana Announces First-Ever APAC Summit In MalaysiaSolana announced its first-ever Solana Summit APAC, which will be held in Kuala Lumpur, Malaysia, from June 20 to 22, 2024. This three-day event will bring together 500+ Solana ecosystem founders and builders, hosting workshops, speaker sessions, and a Sol Hackathon.

It’s almost time to ascend. The first-ever @SolanaSummitOrg APAC is coming to Kuala Lumpur, Malaysia 20-22 June, 2024! ⛰️??

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Overall, the SOL price is attempting a fresh increase above the $175 level. Having said that, Solana must close above $188 to continue higher in the coming days.