As a seasoned crypto investor with several years of experience in the market, I’ve seen my fair share of price movements and trends in various cryptocurrencies. Solana (SOL) has been on my radar lately due to its impressive performance in recent weeks. SOL price started a fresh surge above the $175 resistance and is now up nearly 10% and trading above the 100-hourly simple moving average.
Solana started a fresh increase above the $175 resistance. SOL price is up nearly 10% and might continue to rise if it clears the $188 resistance.
- SOL price jumped higher and tested the $188 resistance against the US Dollar.
The price is now trading above $180 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $175 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could clear the $188 resistance unless it fails to stay above $175.
Solana Price Starts Fresh Surge
The price of Solana found a solid foundation around $166 and subsequently began to rise. In alignment with recent price surges in Bitcoin and Ethereum, Solana joined the positive trending market.
The price surged past the barriers at $175 and $180, reaching as high as $188 for a new resistance test. A peak was hit at $188.00 before consolidation set in, with prices currently holding above the 23.6% Fibonacci retracement threshold of the rally that started from the $166 swing low and peaked at $188.
The price of Solana has risen beyond the $188 mark and the 100-simple moving average on the 4-hour chart. Additionally, a significant bullish trend line is emerging on the hourly chart for the SOL/USD pair, providing support at the $175 level.
Near $185, the price encounters strong resistance. At around $188, there’s a significant resistance level. Overcoming this resistance could pave the way for further growth, potentially leading to another substantial increase. The next notable resistance is located at $195. If the price continues to rise, it may push towards the $200 mark.
Are Dips Supported in SOL?
If SOL doesn’t manage to surpass the $188 resistance mark, there’s a possibility for a corrective move lower. A initial floor in this correction could be found around the $182 mark. The first robust support lies at approximately $178 level and includes the trendline.
When the price moved up from its $166 swing low to reach $188, the 50% Fibonacci retracement level was hit at $178. If the price drops below the $175 support, it might lead to a decline towards the nearby $166 support.
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 – $158, and $152.
Major Resistance Levels – $165, $172, and $180.
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2024-05-21 06:40