Solana’s Price Dance: A Comedy of Errors and Gains! 💰😂

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In the grand theater of cryptocurrency, Solana has taken the stage, rising from the depths of the $160 abyss. The price now hovers, like a cautious dancer, contemplating a leap above the $172 threshold.

  • With a flourish, SOL has begun its ascent, breaking free from the shackles of $165 against the mighty US Dollar.
  • Currently, it pirouettes above $168, gracefully surpassing the 100-hourly simple moving average, as if it were a ballet of numbers.
  • A triumphant break above a bearish trend line at $167 has been noted on the hourly chart of the SOL/USD pair, courtesy of our friends at Kraken.
  • Should it conquer the $172 resistance, a fresh wave of gains may follow, like a well-timed encore.

Solana’s Resurgence Above $165

Like a phoenix rising from the ashes, Solana has established a base above the $160 support, embarking on a fresh increase reminiscent of its illustrious peers, Bitcoin and Ethereum. SOL has gained momentum, vaulting over the $162 and $165 barriers.

In a clear display of strength, it has surpassed the 50% Fibonacci retracement level of the downward plunge from the $177 high to the $160 low. The break above the bearish trend line at $167 is a testament to its resilience.

Yet, lurking near the $172 resistance zone are the bears, ready to pounce. The 76.4% Fibonacci retracement level from the $177 high to the $160 low stands as a formidable barrier.

Now, Solana dances above $168, with the 100-hourly simple moving average as its partner. However, the $172 level looms large, with the next major resistance at $176. Should it triumph over $180, we may witness a steady ascent, with $192 as the next milestone. Who knows, perhaps a leap towards $200 awaits!

Will SOL Take a Tumble?

But beware! If SOL falters at the $172 resistance, a descent may be imminent. Initial support lies at the $168 zone, with the first major support at $165.

A slip below $165 could send the price tumbling towards $162. Should it close beneath $162, the specter of a decline towards the $150 support may rear its head.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing its bullish momentum, like a balloon slowly deflating.

Hourly RSI (Relative Strength Index) – The RSI for SOL/USD remains above the 50 mark, holding on like a stubborn child refusing to leave the playground.

Major Support Levels – $165 and $162.

Major Resistance Levels – $172 and $176.

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2025-05-20 08:28