As an experienced analyst, I believe that Solana (SOL) has shown some signs of recovery after testing the crucial support at $160 against the US Dollar. The price action suggests that SOL could gain bullish momentum if it manages to clear the resistance zone around $172.
As a Solana investor, I’ve noticed that the price has found a supportive level around the $160 mark. Currently, there’s a gradual upward trend in SOL‘s value. If we manage to break past the resistance at $172, it could trigger a bullish surge for the coin.
- SOL price corrected lower and tested the $160 support zone against the US Dollar.
The price is now trading above $165 and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $164 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could clear the $172 resistance unless it fails to stay above $165.
Solana Price Could Gain Momentum
The price of Solana found a solid foundation around $160 and initiated a bounce back. Despite underperforming Bitcoin and Ethereum, Solana (SOL) was able to surmount the resistance at $165.
As a researcher analyzing the SOL/USD hourly chart, I observed a significant break above a prominent bearish trend line, which previously acted as resistance at the $164 level. Furthermore, there was an intriguing spike in price beyond the $170 zone and the 50% Fibonacci retracement level of the downward move originating from the $181 swing high to the $160 low.
The current price of Solana has surpassed $165 and the 100-hour moving average. Immediately, there’s resistance around $170. The next notable resistance lies at around $171. Breaking through $172 could pave the way for a significant price hike.
The price is approaching the next significant resistance point, which lies around $176 or represents the 76.4% Fibonacci retracement mark of the price drop from the peak of $181 to the low of $160. Should the price continue to rise, it may reach the $180 level.
Are Dips Supported in SOL?
As a crypto investor, I’ve noticed that Solana (SOL) has been struggling to break above the $172 resistance. If this level continues to hold strong and we don’t see a rally above it, there’s a chance SOL could start another decline. On the downside, initial support can be found around the $167 mark.
The initial significant resistance lies around $165, dipping beneath which might lead the price to challenge $160. If the price breaks through the $160 resistance, it may head downwards towards the nearby support at $150 in the short term.
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 below the 50 level.
Major Support Levels – $165, and $160.
Major Resistance Levels – $170, $172, and $180.
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2024-05-28 06:07