Positive ETF expectations drive Solana price higher
Solana is currently trading well above the $142 level and the 100 hourly simple moving average. A bullish trend line has formed on the hourly chart of the SOL/USD pair, which coupled with the $142 support level, suggests strong buying interest. The trend line coincides with the 50% Fibonacci retracement level of its latest uptrend.
If the price rises again, it is likely to face resistance near the $150 level, with a key resistance at $152. A successful close above $152 could set the stage for further gains, potentially pushing the price towards the $162 and subsequently the $175 level.
Assessing a potential pullback in SOL
If Solana fails to break above the $152 resistance level, a pullback is likely. An initial downside support is found around $145.
The first notable support is found at $142, which is connected to the trendline. A break below this level could trigger a test of the $140 support. In case of further declines, the price could approach the $128 area in the near term.
Technical Indicators Review
Hourly MACD – The MACD for SOL/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for SOL/USD is above the 50 level, indicating strong buying power.
Major Support Levels – $145 and $142.
Major Resistance Levels – $152 and $162.
Conclusion
To summarize, Solana has shown strong upward momentum, driven by ETF optimism and strong technical support. Key levels to watch include $145 and $142, where a pullback may occur, while $152 and $162 resistance levels may signal further gains. Investors should keep a close eye on these key factors to effectively navigate the changing market dynamics.
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