The Bullish Momentum of Solana: A Technical Analysis

The Bullish Momentum of Solana: A Technical Analysis

Solana’s price is currently showing positive signs as it gains bullish momentum above the $150 mark. This increase in price could potentially lead to a breakthrough of the $162 resistance level in the near future. The recent surge in SOL price began from the $138 support level against the US Dollar. Currently, the price is trading above $150 and is supported by the 100 simple moving average (4 hours). Additionally, there is a connecting bullish trend line forming with support at $140 on the 4-hour chart of the SOL/USD pair, according to data from Kraken. If the pair manages to clear the $156 and $162 resistance levels, it could continue its upward rally.

Recent Developments in Solana Price

Solana’s price has recently formed a base above the $130 support zone and has witnessed a fresh increase in value. The price surged above the $135 and $145 levels, experiencing a notable 10% gain. Furthermore, there was a breakthrough above the $150 level, mirroring similar movements in Bitcoin and Ethereum. The bullish momentum was evident as the price surpassed the 76.4% Fibonacci retracement level of the downward move from the $152.86 swing high to the $137.25 low. Currently, Solana is trading above $150 and the 100 simple moving average (4 hours), with a bullish trend line forming at $140 on the 4-hour chart of the SOL/USD pair.

Immediate resistance for Solana is positioned near the $156.50 level, followed by a major resistance point at $162.50 or the 1.618 Fibonacci extension level of the recent downward move. A successful breakthrough above the $162.50 resistance could pave the way for a significant price surge, with the next key resistance level at $175 and a potential push towards $180. On the contrary, if SOL fails to overcome the $162.50 resistance, a downside correction could ensue. Initial support is located near the $150 level, followed by a major support at $142.00. Further support levels include $138.00 and the trend line. A close below the $138.00 support could signal a decline towards the $128.00 support or the 100 simple moving average (4 hours) in the short term.

In terms of technical indicators, the 4-hour MACD for SOL/USD is indicating a bullish pace, while the 4-hour RSI is above the 50 level, reflecting positive momentum. Major support levels are identified at $152.80 and $162.50, with major resistance levels at $150, $142, and $138.

Disclaimer

It is crucial to note that the information provided in this article is for educational purposes only and does not represent the views of NewsBTC on investment decisions. Investing carries inherent risks, and readers are advised to conduct their own research before making any financial commitments. The utilization of information from this article is at the reader’s own discretion and risk.

Analysis

Articles You May Like

The Challenges Ahead for BNB Price
The Coinbase Outage Debacle: A Deeper Look
The On-Chain Insights Behind Bitcoin’s Recent Rally
The Future of Crypto Investments: Exploring the Potential of VR ICOs

Leave a Reply

Your email address will not be published. Required fields are marked *