As a seasoned cryptocurrency analyst with years of experience observing market trends and price movements, I believe Solana’s recent price action is an exciting development for investors and traders alike. SOL‘s steady increase above the $135 zone is noteworthy, especially given its previous resistance at this level. The break above the $150 resistance and subsequent consolidation of gains are strong indicators of bullish sentiment in the market.
Solana started a steady increase above the $135 zone. SOL price broke the $150 resistance and is now consolidating gains.
- SOL price started a decent upward move above the $135 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 $147 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could correct lower, but the bulls might remain active near $147 or $143.
Solana Price Jumps Over 5%
The price of Solana successfully kicked off a new rise, surpassing the $125 mark as a hurdle. Subsequently, SOL picked up momentum, aiming to surmount the obstacles at $132 and $135, much like Bitcoin and Ethereum did.
The price broke through the $145 barrier and reached beyond the $150 threshold, reaching a new high at $152.05. Currently, the price is in the process of consolidating its gains. It now trades significantly above the 23.6% Fibonacci retracement level, which marks a key support level following the upward trend from $134 to $152.
Solana currently surpasses the $145 mark and lies above its 100-hour moving average. Furthermore, an ascending trendline is emerging on the hourly chart for the SOL/USD pair, providing support at around $147.
The good news is that the price may encounter some hurdles around the $152 mark. The price could then encounter its next significant barrier at approximately $155. A break above this level might pave the way for further growth, potentially leading to a gradual increase with the next notable resistance found around $165. If the price continues to rise, it may head towards the $172 mark.
Are Dips Limited in SOL?
Should SOL fail to surpass the $152 resistance, there’s a possibility for a corrective move lower. A preliminary floor can be found around the $150 mark. The initial substantial support lies near $147 along with the trendline.
Dropping beneath the $147 mark could potentially push the price downward towards the $143 level or the 50% Fibonacci retracement point of the price surge from the $134 swing low to the $152 peak. In case we see a closing price below the $143 support, the price may fall toward the nearby support at $138 in the near future.
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 – $147 and $143.
Major Resistance Levels – $152 and $155.
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2024-07-15 08:46