As a seasoned researcher with years of experience tracking the crypto market, I see Solana (SOL) showing promising signs of regaining traction. The price break above the $155 resistance is a positive sign, and if it manages to stay above this level, we might witness another bullish wave pushing SOL prices toward fresh highs.
Solana’s value continues to rise, surpassing the $150 barrier and now potentially targeting another growth spurt beyond the $162 resistance level.
- SOL price started a fresh increase above the $155 zone against the US Dollar.
The price is now trading near $155 and the 100-hourly simple moving average.
There is a key rising channel forming with support at $155 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start another increase if it stays above the $155 support zone.
Solana Price Regains Traction
The value of Solana surpassed the $155 barrier, similar to Bitcoin and Ethereum, and reached beyond $160. However, the bearish trend emerged shortly after, with a peak at $162, leading to a decrease in its price.
Previously, the price dipped under the $160 and $158 thresholds. Yet, the buyers were quite active in the vicinity of the $155 support region. A dip occurred at $155, and currently, the price is stabilizing with losses below the 23.6% Fibonacci retracement level of the recent drop from the $162 peak to the $155 trough.
Currently, Solana’s price hovers around $155, closely aligned with its 100-hour moving average. Additionally, a significant ascending trendline (channel) is shaping up on the hourly SOL/USD chart, offering support at the same price point of $155.
As an analyst, I find myself observing a potential hurdle in the price movement at approximately $158. Notably, the next significant barrier lies around the $160 mark. Interestingly, this level aligns closely with the 76.4% Fibonacci retracement point of our recent downward swing from the $162 peak to the $155 trough. The strongest resistance, however, may still be found at $162.
As an analyst, I foresee a potential continued upward trend if the stock successfully breaks above both the $160 and $162 resistance levels. The immediate following resistance lies around $175. Should further growth occur, the price could potentially climb towards the $180 mark.
More Downsides in SOL?
As a researcher studying the market trends of SOL, if it doesn’t manage to break through the $158 resistance, there might be another downtrend on the horizon. The initial line of defense in case of a decline can be expected around the $155 mark. A more significant support level lies at approximately $154.
Should the price dip under the $154 mark, it may trend towards the $149 region. If the closing price falls beneath the $149 support, there’s a possibility of a short-term drop towards the $142 support level.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $155 and $149.
Major Resistance Levels – $158 and $162.
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2024-09-30 16:52