Solana (SOL) Rockets Over 10%: Analyzing The Bullish Trend

As an experienced financial analyst, I have closely monitored the Solana (SOL) price movements and market trends. Based on my analysis of the current market situation, Solana started a strong increase above the $135 resistance level. The positive sentiment around SOL was fueled by hopes of an Exchange Traded Fund (ETF) listing.

As a Solana investor, I’ve noticed an impressive surge in value as we break above the $135 resistance. The price of Solana (SOL) has risen more than 10% in value, fueled by optimistic expectations surrounding the ETF approval. With this positive momentum, I believe SOL could continue climbing and potentially reach a new high of around $162.

    SOL price started a steady increase and cleared the $142 resistance against the US Dollar.
    The price is now trading above $142 and the 100-hourly simple moving average.
    There is a connecting bullish trend line forming with support at $142 on the hourly chart of the SOL/USD pair (data source from Kraken).
    The pair could correct lower and find bids near the $140-$142 zone.

Solana Price Starts Fresh Rally On ETF Fillings

As a researcher studying the cryptocurrency market, I’ve observed that Solana’s price established a solid foundation above the $125 mark, leading to a notable surge. The price hurdles at $135 and $140 were successfully breached, propelling SOL into a favorable position. This uptrend resulted in a 10% price increase for Solana, surpassing the resistance at $145. In comparison to Bitcoin and Ethereum, Solana demonstrated remarkable strength during this period.

At a price of $150.93, a peak was reached and prices are currently stabilizing. The market is hovering around the 23.6% Fibonacci retracement mark, which represents a potential level of support following the price surge from the $135 swing low to the $151 high.

As an analyst, I’ve noticed that Solana’s current price sits comfortably above the $142 mark and the 100-hour SMA. Additionally, a bullish trend line is emerging on the hourly chart of the SOL/USD pair, with a crucial support point at $142. Notably, this trend line is in proximity to the 50% Fibonacci retracement level derived from the price swing between $135 and $151.

Solana (SOL) Rockets Over 10%: Analyzing The Bullish Trend

Should there be another price hike, it may encounter obstacles around the $150 mark. The subsequent significant hurdle lies at approximately $152. Overcoming this resistance could pave the way for a continuous climb leading to $162. Beyond that, any further advances might push the price towards the $175 region.

Are Dips Supported in SOL?

If Solidity (SOL) is unable to break past the $152 resistance, it may trigger another price drop. The lower boundary of support can be found around the $145 mark.

One way to rephrase this information in clear and conversational language is:

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 – $145, and $142.

Major Resistance Levels – $152 and $162.

Read More

2024-06-28 08:28