As a seasoned analyst with years of experience in the crypto market, I see Solana’s price recovery as a promising sign for those who have been holding SOL. The current bullish trend line forming at $130 and the break above the 100-hourly simple moving average are strong indicators that SOL might aim for a move toward the $150 resistance level.
Solana has begun a surge in its price, having bounced back from the $120 area. The current trend indicates that the price could potentially push towards the $150 resistance point.
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SOL price started a recovery wave above the $125 level against the US Dollar.
The price is now trading above $128 and the 100-hourly simple moving average.
There is a connecting bullish trend line forming with support at $130 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $138 resistance zone.
Solana Price Extends Losses
As a researcher, I observed that the Solana price established a robust foundation above the $120 mark, initiating a rebound akin to both Bitcoin and Ethereum. Subsequently, the SOL trading activity surpassed the resistance levels of $125 and $128.
As a researcher, I’ve observed an intriguing trend in our study. The price surged beyond $132 and probed the significant resistance at $138, reaching a peak at $137. Currently, we’re witnessing a consolidation phase where gains are being stabilized. There was a slight dip below the $135 mark and we’ve now reached the 23.6% Fibonacci retracement level following the upward trajectory from the $120 swing low to the $137 high.
Currently, the price of Solana has surpassed $130 and aligns with its 100-hour moving average. Moreover, a rising bullish trendline is emerging on the hourly chart for the SOL/USD pair, offering support at the $130 level.
Looking on the positive side, the price seems to be encountering obstacles around the $135 mark. If it manages to overcome this hurdle and also breach the $138 level in a successful closing, it could pave the way for continued growth. The significant resistance lies at around $142, and any further advancements might propel the price towards the $150 milestone.
Another Decline in SOL?
Should SOL not manage to surpass the $138 resistance, it may trigger another drop. The initial support for a potential fall can be found around the $130 mark and the trendline. A significant first level of support lies at approximately $126, which is also close to the 61.8% Fibonacci retracement level of the upward move from the $120 swing low to the $137 high.
Dropping below $126 may push the price down to around $120. If we see a closing price beneath $120 (which acts as a support), there’s a possibility that the price might decrease towards the nearby $110 support level.
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 above the 50 level.
Major Support Levels – $130 and $126.
Major Resistance Levels – $135 and $138.
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2024-09-10 08:10