Solana (SOL) has been on a remarkable upward trajectory, breaking through key resistance levels and showing no signs of slowing down. Recently, SOL surged past the $150 resistance zone, a significant milestone that has set the stage for further gains.
Current Market Performance
As of the latest data, Solana is trading above $152 and the 100-hourly simple moving average. This bullish trend is supported by a key trend line forming with support at $150 on the hourly chart of the SOL/USD pair. The price even climbed above $155 before encountering resistance, forming a high at $158.
Technical Analysis
The recent price action saw SOL extending its increase above the $150 resistance, similar to the movements observed in Bitcoin and Ethereum. After reaching a high of $158, the price experienced a downside correction, dipping below the $156 and $155 levels. However, the bulls remained active near the $154 support zone, preventing further declines.
The price is currently trading close to the 61.8% Fibonacci retracement level of the upward move from the $146 swing low to the $158 high. On the upside, SOL faces resistance near the $158 level, with the next major resistance at $162. A successful close above these levels could pave the way for another steady increase, potentially targeting the $174 and $180 levels.
Potential Downsides
If Solana fails to rise above the $158 resistance, it could start another decline. Initial support on the downside is near the $153 level, with the first major support at $150. A break below this level might send the price toward the $145 zone. Further declines could be seen in the price testing of the $138 support in the near term.
Market Sentiment and Future Outlook
The market sentiment around Solana remains bullish, with technical indicators supporting further gains. The hourly MACD for SOL/USD is gaining pace in the bullish zone, and the RSI is above the 50 level. These indicators suggest that the upward momentum is likely to continue, provided the price can clear the key resistance levels.
Conclusion
Solana’s recent price movements highlight its potential for further growth. With strong support levels and bullish technical indicators, SOL is well-positioned to continue its upward trend. Investors should keep an eye on the $158 and $162 resistance levels, as a break above these could signal the start of another rally.
______________________________________________________________________
You can follow our news on Google News, Telegram, Twitter, Facebook & Coinmarketcap .
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your research before investing in any cryptocurrency.
Follow us on our profiles
Stay updated with us across all our channels!
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your research before investing in any cryptocurrency.
