Brief description
Solana (SOL) recently surged more than 9% and is aiming to break out of the critical resistance zone near $157–$160.
Indicators show bullish momentum, and SOL is likely to target the Fibonacci resistance level near $175.
If SOL fails to break above the resistance, it could revisit support around $125 to $133, with long-term support near $85.
Solana (SOL) price experienced a correction after a recent bearish rejection at resistance levels. However, over the past day, SOL price surged by more than 9%.
It remains uncertain whether SOL price will successfully break above the resistance or face another bearish rejection, leading to a further correction.
Welcome to join us - how to layout, what varieties to layout, how to maximize the profit strategy, see the homepage click here 👉 Follow the homepage
Solana Up 9%: Price Gains Strong Momentum
Four days ago, SOL price faced a bearish rejection at the resistance zone, roughly from $157 to $160, and continued to fall. However, SOL experienced a notable surge yesterday, recording gains of more than 9%.
Currently, SOL appears to be sustaining its upward momentum, having once again encountered significant resistance in the $157 to $160 range. A breakout above this resistance could push SOL towards the critical Fibonacci resistance level of around $175, marking a potential end to the correction phase.
The general indicators are leaning towards bullish sentiment. Notably, the EMAs are showing a golden crossover, signaling a bullish trend in the short to medium term.
Moreover, the MACD line is bullish, accompanied by upward quotes on the MACD histogram since yesterday. However, the Relative Strength Index (RSI) currently remains neutral.
Solana’s 4-hour chart shows a major bullish trend
On the 4-hour chart, the indicators echo a mostly bullish outlook. The MACD lines present a bullish crossover, accompanied by an uptrend on the MACD histogram, while the RSI remains indecisive and offers no clear signal.
Furthermore, there is a possibility that the EMAs will soon form a golden cross, further boosting bullish sentiment in the near term. However, it is worth noting that the death cross is still intact for now, signaling a bearish trend in the short term.
What if Solana faces another bearish rejection at resistance?
If Solana faces another bearish rejection at the resistance zone of roughly $157 to $160, it could continue to fall towards the Fibonacci support level between roughly $125 and $133.
Failure to break through this resistance could lead Solana to test the critical Fibonacci support level around $ 85. The 50-week SMA, located near $ 94, is also a notable support level.
On the weekly chart, the MACD lines remain bearish and the MACD histogram is trending down, while the RSI is hovering in the neutral zone.
Solana Monthly Chart Analysis: MACD Histogram Shows Bearish Trend
In the monthly chart, the MACD histogram has been showing a bearish trend since last month, indicating that SOL is in a sustained correction phase. Although the SOL price has recovered slightly this month, the MACD histogram has not yet shown bullish momentum.
However, the bullish crossover of the MACD lines and the neutral position of the RSI suggest a possible change in momentum. Whether Solana will sustain the correction and approach the $85 mark in the medium term will largely depend on its ability to break through the golden ratio resistance around $175.
Maintaining the price level above $85 will maintain the bullish trajectory in the medium term. Conversely, failure to do so could signal a pullback that could lead to lower price areas such as $19.
SOL Gains Momentum Against BTC
For BTC, Solana recently experienced a bullish bounce from the 0.382 Fibonacci support level around 0.0021 BTC, signaling a potential reversal. This week, Solana appears to have broken above the 0.00237 Fibonacci resistance level around 0.382 BTC, paving the way for a possible move towards the golden ratio resistance level at 0.00268 BTC.
A successful break above this level could signal the end of the current corrective phase, potentially allowing Solana to target the golden ratio resistance level at around 0.003 BTC.
