As a seasoned researcher with years of experience in the cryptocurrency market, I can confidently say that Solana has shown resilience and strength above the $155 resistance level. The price action suggests a potential bullish trend, as it has managed to surpass Ethereum and Bitcoin in its upward trajectory.
Solana recently surged past its initial barrier at $150, indicating potential for further growth. If it manages to break through the $162 level decisively, the SOL price may continue climbing higher.
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SOL price started a fresh upward move above the $150 and $155 levels the US Dollar.
The price is now trading above $155 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $158 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start another increase if it clears the $162 resistance zone.
Solana Price Regains Strength Above $155
The value of Solana surged past the $150 barrier, marking a new rise. Subsequently, SOL maintained its growth and accelerated, aiming to break through the $155 barrier. Notably, it exceeded the $160 resistance level, outperforming both Ethereum and Bitcoin in the process.
The price traded as high as $162 and is currently consolidating gains. There was a minor correction below the $160 level. The price tested the 23.6% Fib retracement level of the upward move from the $138 swing low to the $162 swing high.
Currently, Solana is trading significantly higher than $150 and is also above its 100-hour moving average. Moreover, an important uptrend line is developing on the hourly chart for SOL/USD, with a support at approximately $158.
On a positive note, the price is encountering resistance around the $162 mark, with the next significant resistance appearing at roughly $165. If we manage to close above both these resistance levels, it could pave the way for further growth. The critical resistance lies around $178, and any additional progress might push the price towards approximately $184.
Are Dips Limited in SOL?
Should SOL not surpass the $162 barrier, there’s a possibility it might initiate a decline. Potential support levels could be found at approximately $158 and the underlying trendline. A more substantial initial support may emerge around the $155 mark.
If the price falls below $155, it might head towards approximately $148 or the 61.8% Fibonacci retracement level derived from the price rise between the $138 low and $162 high. Should the closing price drop below $148’s support, there’s a possibility for a near-term decline towards the $135 support level.
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 $155.
Major Resistance Levels – $162 and $165.
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2024-08-26 09:04