As a seasoned researcher with years of experience in the crypto market, I find Solana’s current upward trend quite intriguing. The price recovery from the $110 zone is reminiscent of a phoenix rising from its ashes. The break above the $135 and $140 levels, coupled with the surge above the 100-hourly simple moving average, suggests that Solana might be gearing up for further growth.
Solana has begun an uptrend, originating from around the $110 region. The value of SOL could potentially continue to climb, possibly breaking through the $155 resistance level.
- SOL price started a recovery wave above the $135 and $140 levels against the US Dollar.
The price is now trading above $145 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 start another increase if it clears the $155 resistance zone.
Solana Price Recovers 15%
The value of Solana dropped substantially below the $165 and $150 mark, similar to Bitcoin and Ethereum. It even dipped below the $120 support level, but eventually, the bulls reemerged. A low point was reached at $109, and since then, Solana has begun a recovery phase.
The price surpassed two significant resistance levels ($120 and $135), climbed beyond the 50% Fibonacci retracement level in its downward trajectory from the $184 peak to the $109 trough, and also broke above a crucial bearish trendline at $136 on the hourly chart of the Solana-USD pair. This suggests a potential change in the market trend.
Currently, Solana’s trading value surpasses $145 and aligns with its 100-hour moving average. As we look at potential upward momentum, there is resistance being encountered around the $155 mark. This level is also close to the 61.8% Fibonacci retracement point of the downward price movement from the peak of $184 to the low of $109.
Moving forward, a significant barrier lies around the $166 mark. Breaking through and closing above this barrier at $166 could pave the way for continued growth. A potential resistance point is seen near $184, surpassing which may propel the price towards approximately $195.
Another Decline in SOL?
Should SOL not manage to surpass the $155 barrier, it might initiate a new drop. A potential floor for this descent lies around $140, while the primary support can be found at approximately $135.
Dropping beneath the $135 mark could potentially push the price down to around $122. Should we see a closing below the current $122 support, there’s a possibility that the price might fall towards the nearby $110 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 – $140 and $135.
Major Resistance Levels – $155 and $166.
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2024-08-07 08:29