Solana began a new rise from the $149 support zone. At present SOL price is holding steady and may reach further above the $154 resistance zone.
Main Takeaways:-
- SOL price began a new rise above the $142 and $145 levels as opposed to the US dollar.
- At present, the price is trading above $150 and the 100-hourly simple moving average.
- There was an upward move through a critical bearish resistance at $149 on the hourly chart of the SOL/USD pair.
- The pair begins a new rise if it surpasses the $154 resistance level.
SOL Price Stabilises Following Uptrend
Solana’s price developed a base over the $140 support and began a new rise, similar to Bitcoin and Ethereum. SOL showed momentum to climb over the $142 and $145 resistance levels.
The price broke above a key downward trend line with resistance at $149 on the hourly chart for the SOL/USD pair. It even went above the $150 resistance level. The highest point reached was $153.90, and now the price is holding steady after the rise.
The price dropped under the $152 level and reached the 23.6% Fib retracement level of the price increase from the $140 fluctuation low to the $154 peak. At present, Solana is trading over $150 and the 100-hourly simple moving average.
If the price goes up, it’s running into some trouble around the $152 level. The next big challenge is around the $154 level, and the main one is at the $158 level. If the price manages to stay above the $158 level, it could continue rising steadily. After that, the next important level is $165, and if it keeps going, it might even reach the $180 level.
Is Solana Facing a Downside Correction?
If SOL fails to pass the $154 resistance, it will begin a new drop. The first support on the downside is close to the $150 zone. The first important support is close to the $147 level.
A decline past the $147 level may push the price close to the $145 zone and the 50% Fib retracement level to the $154 peak. If there is any close under the $145 support, the price will drop in the direction of the $140 support in the short term.
Technical Signals:-
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is presently greater than the 50 level.
Hourly MACD (Moving Average Convergence Divergence) – The MACD for SOL/USD is presently increasing momentum in the bullish zone.
- $147 and $145 – Major Support Levels
- $154 and $158 – Major Resistance Levels
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Clifton M. Caviness a veteran crypto journalist with a keen eye for market trends and industry shake-ups. Clifton specializes in investigative reports and in-depth analysis of blockchain developments.