As a seasoned analyst with extensive experience in cryptocurrency markets, I have closely watched Solana’s (SOL) price action over the past few days. Based on my observation and technical analysis, I believe that SOL is showing strong signs of upward momentum.
I’ve noticed that Solana’s price has recently picked up momentum, surpassing the $175 mark. The cryptocurrency’s value appears to be gaining strength and could potentially push past the $185 resistance level.
- SOL price started a decent upward move above the $175 resistance against the US Dollar.
The price is now trading above $175 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $176 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could aim for more upsides if it clears the $185 resistance level.
Solana Price Eyes More Upsides Above $185
The price of Solana continued to thrive in an optimistic territory, surpassing the $150 mark and climbing further above $155. Solana’s value then began a new surge, surpassing previous resistance levels at $162 and $165. Notably, SOL displayed stronger growth compared to Bitcoin and Ethereum.
The price surged past the $180 mark, resulting in a 5% increase. It then encountered resistance at the $185 mark and reached a peak of $185.11. Currently, the price action is observing a pause near the 23.6% Fibonacci retracement level, which is derived from the upward trend originating at $170.58 low to the $185.11 high.
Solana currently surpasses the $180 mark and lies above its 100-hour moving average. Moreover, a significant bullish trendline is shaping up on the hourly chart of SOL/USD, with a strong support at $176. This trendline is not far from the 61.8% Fibonacci retracement level, which represents the level of potential price correction during an upward move from $170.58 to $185.11.
Based on my extensive experience in analyzing financial markets and observing price trends, I believe that the stock or asset in question may encounter some resistance around the $185 mark. This level has historically acted as a significant barrier for price increases. Moving forward, the next notable resistance lies at approximately $188. If we manage to break through this level with a successful close, it could pave the way for another period of steady growth. Looking further ahead, the key resistance level is situated around $192. Should the price continue to rise beyond this point, it might push the asset towards reaching the $200 mark.
Are Dips Supported in SOL?
As a researcher studying the price action of SOL, I have observed that if the token fails to surpass the resistance at $185, it may trigger a correction. In such a scenario, the initial support for SOL could be found around the $180 mark. The first significant support level lies near the $176 price point and the trendline.
Dropping below the $176 mark could potentially push the price down to $168. Should the price break and close beneath the $168 support, it may continue to fall towards the nearby support at $155.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $180 and $176.
Major Resistance Levels – $185 and $188.
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2024-07-22 07:52