As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. Currently, Solana (SOL) is showing promising signs of a fresh increase from the $135 zone against the US dollar. If it manages to clear the $144 resistance, we might witness a significant surge in its price.
Solana has recently tested the $135 support level, experiencing a correction in price. However, the SOL price is currently on an upward trend and could potentially build up more bullish energy if it manages to surpass the $144 resistance point.
- SOL price is attempting a fresh increase from the $135 zone against the US Dollar.
The price is now trading below $145 and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $139 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could gain bullish momentum if it breaks the $145 resistance zone.
Solana Price Aims Higher
Initially, Solana’s price surged past the $146 and $148 thresholds, but subsequently, sellers emerged, causing a drop. At one point, Solana reached a peak of $152, similar to Bitcoin and Ethereum, before experiencing a new downturn.
The cost dropped below the support at $145 and $140, reaching a low at $135.39. However, it’s now on an upward trend. There was a significant increase above the $140 mark. Furthermore, the price has surpassed the 23.6% Fibonacci retracement level from the peak at $152 to the low at $135.39.
On the hourly Solana (SOL) to USD chart, a break above a significant bearish trend line with a resistance at approximately $139 occurred. Currently, Solana’s price is below $145 and also under the 100-hour moving average.
Looking on the optimistic side, the price seems to be encountering a barrier around $144. This point is almost at the 50% Fibonacci retracement level of the decline from the $152 peak to the $135.39 trough. The next significant resistance lies near $146, with the primary resistance potentially being $150.
If the trade is finalized above $150 and $152, it may pave the way for continuous growth. The upcoming significant resistance lies around $162. Any additional progress could potentially push the value up to $175.
Another Decline in SOL?
Should SOL not manage to surpass its resistance at $144, a potential drop might ensue. A likely initial floor in this descent could be around $138, with more significant support found at approximately $134.
As a researcher, I’m suggesting that if the price dips below the $135 mark, it might trend towards the $132 zone. Should we witness a close below this $132 support level, there’s a possibility that the price could start dropping, potentially reaching the $120 support in the immediate 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 – $138 and $135.
Major Resistance Levels – $144 and $150.
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2024-10-11 08:10