Solana price eyes 20% upswing as SOL bulls secures solid foothold

Solana price appears to be ready for a 20% climb after SOL managed to secure a reliable foothold above $152, the lower boundary of the governing technical pattern. The bulls are now aiming higher levels at above $200 as the Ethereum-killer prepares for a powerful recovery.

Solana price eyes $212 next

Solana price has formed an ascending parallel channel on the daily chart suggesting an overall optimistic outlook for the token. SOL recently dropped to a swing low at $147, forming a local bottom tagging the lower boundary of the governing technical pattern.

Solana price has managed to find credible support at the downside trend line of the prevailing chart pattern, providing bulls with an opportunity for an upswing. SOL could be headed for a 20% ascent toward the middle boundary of the parallel channel at $212.

The first obstacle Solana price will face is at $186, where the 100-day Simple Moving Average (SMA) and 50% retracement level intersect. An additional hurdle may emerge at the 21-day SMA at $191, then at the 61.8% Fibonacci retracement level at $203. 

The near term target for SOL bulls is at $212, where the resistance line given by the Momentum Reversal Indicator (MRI), the middle boundary of the prevailing chart pattern and 50-day SMA coincide.

SOL/USDT daily chart

If buying pressure increases and SOL slices above the aforementioned optimistic target, Solana price may aim for its all-time high at $261 if it also manages to tackle the 78.6% Fibonacci level at $227.

However, if a spike in sell orders emerges, Solana price will discover immediate support at the 38.2% Fibonacci retracement level at $170. An additional line of defense will appear at the October 7 high at $161.