Based on the analysis of the 1-hour and 4-hour charts for SOL/USDT, the price is currently attempting to sustain a recovery after a significant downtrend. On the 1-hour chart, the price is hovering around $153.70, close to the 200-period Moving Average (MA), which stands at $151.24, suggesting that the asset is at a critical juncture. The Relative Strength Index (RSI) is at 58.69, indicating moderate bullish momentum. The MACD indicator shows a bullish crossover, with the MACD line at 1.57 above the signal line at 1.32, and the histogram positive at 0.32, reinforcing a potential upward move.
In a bullish scenario, if SOL/USDT can maintain its position above the $153.70 level and the 200-period MA on the 1-hour chart, it could aim for the next resistance levels around $160 and $170. Continued buying pressure and positive market sentiment could push the price higher towards $180 and beyond.
Conversely, in a bearish scenario, if the price fails to hold above the $153.70 level, it may retest lower support levels around $140. A break below this level could indicate a reversal, leading to further downside towards $130 and possibly lower.
On the 4-hour chart, the price is currently testing the 200-period MA at $158.55, which acts as a significant resistance level. The RSI at 57.32 suggests there is still room for upward movement. The MACD indicator also supports a bullish sentiment with the MACD line at 1.43 above the signal line at 0.32, and the histogram positive at 2.05.
Maintaining the bullish momentum above the 200-period MA on the 4-hour chart could propel SOL/USDT to higher resistance levels around $170 and $180. However, failing to break and hold above this critical resistance could result in a pullback towards $140 and lower support levels.
