As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market volatility. Solana (SOL) was one of the hardest hit coins during the recent bear market, dropping from its all-time high of around $260 to a low of $128. But as the market started to recover, SOL began to show signs of life.
Solana started a recovery wave from the $128 zone. SOL price is up over 6% and the bulls seem to be aiming to reclaim the $150 level.
- SOL price started a decent upward move above the $132 resistance against the US Dollar.
The price is now trading above $135 and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could continue to rise toward $150 or even $155 in the near term.
Solana Price Trims Some Losses
The price of Solana held strong above the significant support at $120. Subsequently, it established a foundation above $128. In the last two trading sessions, SOL has displayed noteworthy growth, surpassing Bitcoin and Ethereum in their respective price changes.
Above the $132 and $135 price barriers, there was a significant advance in the Solana (SOL) price against the US Dollar. This rise surpassed the 61.8% Fibonacci retracement level of the previous downward trend from the $144.15 peak to the $127.88 trough. Additionally, there was a decisive break above a significant bearish trend line with a resistance level at $136 on the SOL/USD hourly chart.
Currently, Solana’s price surpasses the $135 mark and lies above its 100-hour moving average. The cryptocurrency aims to finish its current trading period above the 76.4% Fibonacci retracement level of the decline from the peak of $144.15 to the low of $127.88.
The cost may encounter obstacles around $144 before continuing to climb. Subsequently, a significant barrier lies at approximately $150. Breaking above this hurdle could lead to further progression towards an upward trend. Another notable resistance is situated around $155. Overcoming this level might propel the price towards reaching $162.
Another Decline in SOL?
If SOL doesn’t manage to surpass the $144 resistance, there’s a possibility of another price drop. The initial floor for this potential decline can be found around the $136 mark or near the 100-hour moving average.
The price may hold steady around $128 as the initial significant resistance. A drop beneath this level could lead to a potential test of $120. Should the price fall below the $120 mark, it might head downward towards the nearby support at $112 in the short term.
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 – $136 and $128.
Major Resistance Levels – $144 and $150.
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2024-07-09 08:46