As a seasoned crypto investor with experience in following the Solana price movements closely, I believe that SOL is showing signs of recovery after testing the crucial support zone at $138. The price has managed to clear important resistance levels such as $142 and $145, which indicates a potential uptrend.
Solana tested the $138 zone before it started a recovery wave. SOL price must clear the $150 and $155 resistance levels to start a steady increase.
- SOL price is eyeing an upside break above the $150 resistance against the US Dollar.
The price is now trading above $145 and the 100-hourly simple moving average.
There is a connecting bullish trend line forming with support at $146 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could clear the $152.50 resistance to start a short-term uptrend.
Solana Price Eyes Steady Increase
The price of Solana dropped below the $150 mark, joining Bitcoin and Ethereum in bearish trends. It even dipped beneath the $142 support before finding some buying interest around $138. This level formed a new low at $138.01. Lately, the price has begun to rebound.
The price surpassed the barriers at $142 and $145, leading to an upward shift. It transcended the 50% Fibonacci retracement level marking the downward trend from the peak of $161.89 to the low of $138.01. Solana’s value now hovers above $145 and the 100-hour moving average. Moreover, a bullish trendline is emerging on the hourly chart of SOL/USD pair, with support at $146.
Close by at around $150, there’s strong resistance awaiting. Beyond that, resistance lies around $152.50 or the 61.8% Fibonacci retracement point derived from the price drop between $161.89 peak and $138.01 trough.
As an analyst, I would interpret a successful breakthrough above the $152.50 resistance as a potential catalyst for further significant growth. Subsequently, the next notable resistance lies around $156.50. Should the price continue to rise beyond this point, it could potentially propel the asset towards the $160 mark.
Another Decline in SOL?
As a crypto investor, I would interpret this as follows: If Solana (SOL) doesn’t manage to break above the $152.50 resistance, there’s a risk of another price drop. Should that happen, the first support level for me would be around $145, and the trendline would provide additional guidance.
As a researcher studying the price trends of this asset, I’ve identified two significant support levels. The first one is around $142, and if the price falls below it, we might see further declines towards $138. In the event that the price breaks through the $132 support level, there’s a likelihood for a near-term downtrend reaching the $125 support.
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 near the 50 level.
Major Support Levels – $145, and $142.
Major Resistance Levels – $152.50, $156.50, and $160.
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2024-06-17 09:22