As a seasoned researcher with years of experience in the crypto market, I find Solana’s current trajectory quite intriguing. The SOL price surpassing the $150 resistance zone mirrors the breakthroughs we’ve seen in Bitcoin and Ethereum. While the bullish momentum seems to have paused at the $158 level for now, the trendline support at $150 offers a reassuring safety net.
Solana’s momentum is picking up as it surpasses the $150 resistance level, with its price trending upward and potentially targeting another rise beyond the $158 resistance point.
- SOL price started a fresh increase above the $150 zone against the US Dollar.
The price is now trading above $152 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $150 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could again gain bullish momentum if it clears the $158 resistance zone.
Solana Price Eyes More Upsides
The price of Solana surpassed the $150 barrier, similar to Bitcoin and Ethereum, and reached beyond $155. However, it eventually peaked at around $158.2, after which it began to decrease.
Below the $156 and $155 price points, there was a noticeable drop in value. This dip fell beneath the 23.6% Fibonacci retracement level, which marks the upward movement from the $146 swing low to the $158 high. Interestingly, the bulls exhibited activity around the $154 price area, serving as a potential support zone.
Currently, Solana’s price stands above $152 and aligns with its 100-hour moving average. Moreover, a significant bullish trend line is shaping up at $150 on the hourly SOL/USD chart. This trend line is approaching the 61.8% Fibonacci retracement level of the price surge from the $146 low to the $158 high.
As an analyst, I’m observing a potential upward trend. Currently, the price is encountering resistance around the $158 mark. If we manage to break through this and the subsequent resistance at $162, it could pave the way for a steady growth trajectory. The next significant resistance lies around $174. Should the price continue to climb, it might propel us towards the $180 level.
More Downsides in SOL?
If SOL doesn’t manage to break through the $158 barrier, there might be another drop. The initial floor in this scenario could be around $153. The primary significant support lies at approximately $150.
Dropping beneath the $150 mark could potentially push the price down to the $145 range. Should the closing price fall below the $145 support, a short-term drop towards the $138 support might occur.
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 – $153 and $150.
Major Resistance Levels – $158 and $162.
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2024-09-27 08:46