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.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
