8 months ago
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Solana is gaining bullish momentum above $150. SOL price is showing positive signs, and it could even surpass the $162 resistance in the near term.
SOL price started a fresh increase from the $138 support against the US Dollar. The price is now trading above $150 and the 100 simple moving average (4 hours). There is a connecting bullish trend line forming with support at $140 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could continue to rally if it clears the $156 and $162 resistance levels.Solana Price Starts Fresh Rally
Solana price formed a base above the $130 support zone and recently started a fresh increase. There was a decent increase above the $135 and $145 levels.
The price is up nearly 10% and there was a move above the $150 level, like Bitcoin and Ethereum. The bulls pushed the price above the 76.4% Fib retracement level of the downward move from the $152.86 swing high to the $137.25 low.
Solana is now trading above $150 and the 100 simple moving average (4 hours). There is also a connecting bullish trend line forming with support at $140 on the 4-hour chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
Immediate resistance is near the $156.50 level. The next major resistance is near the $162.50 level or the 1.618 Fib extension level of the downward move from the $152.86 swing high to the $137.25 low. A successful close above the $162.50 resistance could set the pace for another major increase. The next key resistance is near $175. Any more gains might send the price toward the $180 level.
Are Dips Limited in SOL?
If SOL fails to rally above the $162.50 resistance, it could start a downside correction. Initial support on the downside is near the $150 level.
The first major support is near the $142.00 level, below which the price could test $138.00 and the trend line. If there is a close below the $138.00 support, the price could decline toward the $128.00 support or the 100 simple moving average (4 hours) in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $152.80, and $162.50.
Major Resistance Levels – $150, $142, and $138.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
