Hey, Solana enthusiasts! ๐ Things are heating up for SOL as it tests new waters in its price journey. Recently, SOL dipped to the $138 zone but has since started a recovery wave. The big question now is whether it can clear the crucial $150 and $155 resistance levels to kick off a steady increase. Letโs dive into the details! ๐
Current Market Snapshot ๐
SOL/USD: Trading above $145 and the 100-hourly simple moving average.
Key Support: $146 (with a bullish trend line forming).
Immediate Resistance: $150.
A Closer Look at the Recovery Wave ๐
Solanaโs price recently took a hit, dropping below $150, mirroring trends seen in Bitcoin and Ethereum. The bulls made a stand near $138, preventing further decline and sparking a recovery. Hereโs the progress so far:
Recovery Moves: SOL cleared the $142 and $145 resistance levels.
Fib Retracement: Moved above the 50% Fib retracement level from the $161.89 high to the $138.01 low.
Current Position: Trading above $145, supported by the 100-hourly SMA and a bullish trend line at $146.
Whatโs Next for SOL? ๐ฎ
Bullish Scenario ๐
Immediate resistance lies at $150. Overcoming this could set the stage for:
Major Resistance: $152.50 (61.8% Fib retracement level from the $161.89 high to the $138.01 low).
Key Levels to Watch: $156.50 and possibly $160 if the uptrend gains momentum.
A successful close above $152.50 might pave the way for a significant uptrend, with the next target around $156.50 and beyond.
Bearish Scenario ๐
However, if SOL struggles to break past $152.50, we could see another dip. Key support levels include:
Initial Support: $145 and the trend line.
Major Support: $142, with a critical level at $138.
Downside Risk: A close below $132 could lead to a further decline towards $125.
Technical Indicators ๐ ๏ธ
Hourly MACD: Losing pace in the bullish zone.
Hourly RSI: Hovering near the 50 level, indicating a balance between buying and selling pressure.
Final Thoughts ๐ฌ
Solanaโs price action is at a pivotal point. The next few hours and days will be crucial in determining whether it can break through the resistance and start a new uptrend or if it will face another decline. Keep an eye on those key levels and indicators!
What do you think? Will SOL break through the $150 resistance and soar, or are we in for another dip? Letโs chat about it in the comments! ๐ฌ๐
Hashtags
#Solana #cryptoanalysis ๐ ๐ #CryptoTrading ๐ #DEFฤฐ #BlockchainTechnology
