Solana (SOL) has surged nearly 15% and could continue climbing if it surpasses the $165 resistance level. The cryptocurrency began a new upward trend after breaking through the $150 resistance.
Brief: Solana (SOL) price rebounded and tested the $162 resistance against the US Dollar. Currently trading above $150 and the 100-hourly simple moving average, the SOL/USD pair witnessed a breakout above a significant bearish trend line with resistance at $148 on its hourly chart from Kraken. The pair’s potential to surpass the $165 resistance hinges on maintaining levels above $158.
Solana (SOL) Price Analysis and Outlook
Solana (SOL) price found support around $138 and initiated a fresh uptrend, surpassing both Bitcoin and Ethereum to enter a positive zone above $150.
On the hourly chart of the SOL/USD pair, there was a significant breakout above a bearish trend line resistance at $148. The price cleared hurdles at $155 and surged above $162, reaching a new weekly high at $163.76 before consolidating.
Currently, SOL is holding above $160 and the 100 simple moving average (4 hours), supported by the 23.6% Fibonacci retracement level of the upward move from $141 to $164.
Immediate resistance lies near the $165 level, with the next major hurdle at $172. A successful close above $172 could pave the way for further gains, targeting resistance levels near $180 and potentially pushing towards $188.
Solana (SOL) Price Support and Resistance Levels
If Solana (SOL) fails to surpass the $160 resistance, a downside correction could ensue. Initial support is anticipated near the $158 level, followed by more significant support around $152.
The $152 level coincides with the 50% Fibonacci retracement level of the recent upward move from $141 to $164. Further downside, if the price breaks below $150, could test the $138 support level in the near term.
Technical Indicators
- Hourly MACD: The MACD for SOL/USD is showing bullish momentum.
- Hourly RSI (Relative Strength Index): The RSI for SOL/USD is currently above the 50 level, indicating positive momentum.
- Key Support Levels: $158, $152
- Key Resistance Levels: $165, $172, $180
These levels will be crucial to watch as they could determine the next directional move for Solana’s price in the near future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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