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
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