As a seasoned crypto investor with a few years of experience under my belt, I’ve seen Solana (SOL) go through its fair share of ups and downs. And based on the latest price action, I believe that SOL is gearing up for more gains.
As a researcher observing the cryptocurrency market, I’ve noticed that Solana (SOL) has commenced a new upward trend surpassing the previous resistance at $142. The price of SOL has climbed approximately 8%, and if it manages to break through the next resistance level at $150, we could potentially see further growth.
- SOL price recovered higher and tested the $150 resistance against the US Dollar.
The price is now trading above $1452 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $144 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could clear the $150 resistance unless it fails to stay above $146.
Solana Price Eyes More Upsides
The price of Solana found a solid foundation around $138, leading it to commence an upward trend. Compared to Bitcoin and Ethereum, Solana (SOL) demonstrated superior performance and advanced beyond the $144 mark, entering a favorable territory.
As a crypto investor, I observed an encouraging development in the SOL/USD chart. The trend line that had been bearishly resisting at $144 was breached on the 4-hour timeframe. Not only did the pair surpass this resistance level, but it also climbed above the 50% Fibonacci retracement mark of the downward wave from the $154.40 peak to the $138.00 trough.
The bears remain active as Solana approaches a significant barrier at $150. Currently, Solana is trading above $145 and beyond its 100-simple moving average (SMA) on the 4-hour chart. The next resistance level lies at $150 or the 76.4% Fibonacci retracement mark of the downward trend from the peak of $154.40 to the trough of $138.00.
The next major resistance is near the $155 level. A successful close above the $155 resistance could set the pace for another major increase. The next key resistance is near $162. Any more gains might send the price toward the $175 level.
Another Decline in SOL?
As a researcher observing the SOL market, if the price fails to surpass the $150 resistance level, it may trigger another decline. The initial support for any potential downward trend can be found around the $146 mark and the 4-hour 100 simple moving average.
As a crypto investor, I’d interpret it this way: The first significant level of resistance lies around $142. A drop below this point might lead us to retest the $138 mark. If we close below the $138 support, the price could potentially slide down towards the $125 support in the coming days.
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 – $146, and $142.
Major Resistance Levels – $150, $155, and $162.
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2024-05-14 09:40