SOL Price Pops 10%, Can Solana Bulls Regain Strength?

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As a seasoned analyst with extensive experience in the crypto market, I’ve closely monitored Solana’s (SOL) price action and identified some key developments.

Solana started a recovery wave from the $120 zone. SOL price is rising and might accelerate higher if there is a close above the $142 resistance.

    SOL price recovered higher and tested the $140 resistance against the US Dollar.
    The price is now trading below $142 and the 100 simple moving average (4 hours).
    There was a break above a key bearish trend line with resistance at $132 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
    The pair could start another decline if it stays below $142 and $150.

Solana Price Faces Resistance

The price of Solana dipped below the $150 and $140 support thresholds, reaching as low as the $120 mark. Similar to Bitcoin and Ethereum, SOL has since initiated a rebound.

As a researcher analyzing the price action of the SOL/USD pair, I noticed an uptick in price that surpassed the $125 and $130 thresholds. This upward trend also transcended the 23.6% Fibonacci retracement level derived from the downward wave spanning between the $160 swing high and the $118 low. Additionally, there was a decisive break above the bearish trendline with a resistance level of $132 on the 4-hour chart.

As an analyst, I’ve noticed that the price surged past the $140 mark and the 100-simple moving average (SMA) on the 4-hour chart. However, there hasn’t been a hourly closing point registered yet. At the moment, bears are showing strong activity around the 50% Fibonacci retracement level of the downward wave that started at the $160 swing high and ended at the $118 low.

SOL Price Pops 10%, Can Solana Bulls Regain Strength?

Currently, Solana’s price hovers around the $142 mark and falls below its 4-hour simple moving average. A hurdle for short-term growth lies at the $142 resistance level. Beyond this, a significant barrier to further advancement is situated near $150. Overcoming this obstacle could potentially pave the way for another substantial price hike, pushing the value toward $175.

Another Decline in SOL?

As a researcher analyzing the price movements of SOL, I have identified the resistance level at $142. If SOL fails to surpass this mark, there’s a possibility for another price decrease. The initial support for SOL can be found around the $132 price point.

As an analyst, I would interpret the market situation as follows: The first significant resistance lies around the $128 mark. Should the price break below this level, it may trigger a downward trend towards the next support at $120. A close below the $120 support could potentially lead to further declines, possibly reaching the support at $105 in the short term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

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

Major Support Levels – $132, and $128.

Major Resistance Levels – $142, $150, and $175.

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2024-05-03 09:04