As a seasoned crypto investor with a keen eye for market trends, I find Solana’s recent surge above the $140 resistance quite intriguing. Having navigated through the crypto market’s ebb and flow since its inception, I can confidently say that the current bullish momentum of SOL is reminiscent of the early days of Bitcoin, when every new high was met with a wave of excitement and anticipation.
Solana scaled beyond the $140 resistance level, with its price trending upward and potentially picking up more strength if it manages to break through the $155 resistance.
- SOL price is attempting a fresh increase above the $142 pivot level against the US Dollar.
The price is now trading above $148 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $147.50 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could gain bullish momentum if it breaks the $155 resistance zone.
Solana Price Regains Traction
As a crypto investor, I’ve witnessed an exciting surge in Solana’s price. It surpassed both the $138 and $140 thresholds effortlessly. The momentum picked up even more when we successfully closed above the $145 resistance barrier – much like Bitcoin and Ethereum. In a climactic finale, the bulls managed to propel the price beyond the $150 mark.
At $153.22, a peak was reached and since then, the price is holding steady as it consolidates its advance. There was a slight dip under the $152 mark. The price has recently touched the 23.6% Fibonacci retracement line of the upward trend that started at the $144.40 swing low and peaked at $153.22.
Currently, Solana is being traded at a price point above $145 and it’s now riding above its 100-hour moving average. Additionally, there’s an emerging bullish trend line taking shape with a support level at approximately $147.50 on the hourly chart of Solana to US Dollar pair.
As a researcher, I observe that the current price appears to encounter some hurdles around the $153.50 mark. A more substantial resistance seems to lie ahead at approximately $155. The potential peak of resistance might stretch up to $158.
If the trade closes victoriously beyond the $155 and $158 barriers, it may pave the way for continued growth. The following significant resistance lies around $162. Further advancements could potentially push the value towards the $175 mark.
Another Decline in SOL?
If SOL doesn’t break through the $155 barrier, it might trigger another drop. The first line of defense on the lower side lies around $150. The primary support is anticipated near $147.50 or the trendline, which aligns closely with the 61.8% Fibonacci retracement level from the price rise from the $144.40 low to the $153.22 high.
Dropping beneath the $147.50 mark could potentially push the price towards the $144.50 region. Should we see a closing below the $144.50 resistance as support, there’s a possibility of a short-term decrease in price, targeting the $138 support level.
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 – $147.50 and $144.40.
Major Resistance Levels – $155 and $162.
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2024-10-14 09:58