As a seasoned researcher with years of experience in the cryptocurrency market, I have closely observed Solana’s (SOL) price action and its recent trend. Based on my analysis, SOL has been steadily increasing above key resistance levels such as $155 and $162.
Based on my extensive experience in cryptocurrency analysis and observation of market trends, I believe that Solana (SOL) is exhibiting a strong upward momentum. Having closely monitored its price movements, I can confidently say that SOL has been consistently rising above the $155 mark, signaling a significant shift in its price behavior. Furthermore, the resistance levels at $162 and $165 are no longer insurmountable barriers for Solana as evidenced by its recent breakthroughs. These technical indicators suggest an optimistic outlook for SOL investors, and I am confident that this digital asset is set to achieve even greater heights in the near future.
- SOL price started a decent upward move above the $155 resistance against the US Dollar.
The price is now trading above $158 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $159 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could aim for more upsides if it clears the $162.50 resistance level.
Solana Price Remains In Uptrend
As a crypto investor, I’ve observed that Solana’s price has been holding strong above the $145 mark and has even surpassed $150, indicating positive momentum for SOL. The cryptocurrency is currently forming a solid base and appears poised for further growth. In contrast, Bitcoin and Ethereum have taken a correctional path in their price movements.
The price broke through the $158 mark in an upward move. This level coincides with the 50% Fibonacci retracement point following the recent downswing from the peak of $164.90 to the low of $154.85. Additionally, a significant bullish trend line emerges on the hourly chart for SOL/USD pair, providing support at $159.
Solana’s current price sits above the $158 mark and the 100-hour moving average. Looking ahead, potential resistance may emerge around the $162.50 mark, which aligns with the 76.4% Fibonacci retracement level following the downtrend from the peak at $164.90 to the trough at $154.85.
The price is approaching its next significant barrier at around $165. Overcoming this hurdle with a strong closing price could pave the way for further progress, potentially leading to a continuation of gains up to the $180 region. The level at $172 represents the next notable resistance point. Surpassing this resistance might propel the price even higher.
Are Dips Supported in SOL?
Should SOL fall short of breaking past its resistance at $162.50, there’s a possibility for a corrective decline. An initial floor in this potential drop could be around $160. The first robust support lies near $158, along with the trendline.
Dropping beneath the $158 mark could potentially push the price down to $155. Should the price break and close below the $155 support level, it may head towards the nearby $150 support level 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 – $158 and $155.
Major Resistance Levels – $162.50 and $165.
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2024-07-19 08:28