As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely monitored Solana’s price action over the past few days. Based on my analysis of the current trend and technical indicators, I believe that Solana is showing signs of strength and could potentially climb further above the $182.50 resistance level.
Solana started a fresh increase from the $165 zone. SOL price is showing signs of strength and might climb further above the $182.50 resistance.
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SOL price started a decent upward move from the $165 support against the US Dollar.
The price is now trading near $175 and the 100-hourly simple moving average.
There was a break above a connecting bearish trend line with resistance at $170 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could aim for more upsides if it clears the $182.50 resistance level.
Solana Price Remains In Positive Zone Above $165
The price of Solana experienced a decline, similar to Bitcoin and Ethereum, starting from its peak at $152.50. It dipped beneath the resistance levels of $175 and $172. The downward trend continued as it fell below the support level of $170.
After hitting $165.12 as a new low, the price has rebounded and is now climbing back up. The resistance levels at $170 and $172 were breached, and the 50% Fibonacci retracement level of the decline from the $182.51 peak to the $165.12 trough was also surpassed.
Additionally, Solana surpassed the bearish trend line with resistance at $170 on the hourly SOL/USD chart. Currently, the price hovers around $175. The cryptocurrency appears to face challenges near the 61.8% Fibonacci retracement level of its decline from the $182.51 peak to the $165.12 trough.
Based on my extensive experience as a seasoned trader, I can tell you that the stock price is currently encountering resistance around the $175 mark. This resistance level is significant, and it might take some effort for the price to break through and continue its upward trend.
Are Dips Limited in SOL?
Should SOL fail to surpass the $182.50 resistance mark, there’s a possibility of another price drop. The initial floor for this decline could be around $172. The first robust support lies at approximately $170.
Dropping beneath the $170 mark could lead the price downward to around $165. Should the price dip further and close below this level as support, it may head towards the nearby $155 support in the short term.
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 – $172 and $170.
Major Resistance Levels – $175 and $182.50.
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2024-07-26 08:13