- Solana price started a downside correction from the $160 zone against the US Dollar.
The price is now trading above $140 and the 55 simple moving average (4 hours).
There was a break below a key bullish trend line with support at $152 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
The pair must stay above the $138 and $135 support levels to start another increase.
As a researcher with experience in analyzing cryptocurrency markets, I see Solana (SOL) price correcting gains from the $160 zone against the US Dollar. The price is now trading above $140 and the 55 simple moving average on the 4-hour chart. However, a key bullish trend line with support at $152 has been broken, and the pair must stay above the $138 and $135 support levels to start another increase.
As a market analyst, I observe that Solana’s price has corrected its gains from the $160 mark against the US Dollar, just as Bitcoin has. If the bullish sentiment persists and the price holds above the $135 level, we might witness another price surge for Solana.
Solana (SOL) Price Analysis
The cost of SOL tried pushing higher past the $150 resistance level, managing to surpass $155. However, bears emerged around the $160 mark and hindered further upward progression.
As a researcher studying the SOL/USD pair, I identified a peak around $159.38 where a reversal occurred before a price decline. The price dipped beneath the crucial support area at $152.50. Additionally, there was a significant break below an essential trend line that previously provided bullish support, which now stood at approximately $152 on the 4-hour chart.
The bears successfully drove the price down below the $132 mark, which represents the 23.6% Fibonacci retracement level of the bullish trend extending from $118 to $160. Currently, the asset hovers above $140 and lies above its 4-hour simple moving average at that same price.
The downside has some resistance around the $145 mark. Subsequently, there’s significant support close to $138 or the 50% Fibonacci retracement point of the price surge from the $118 trough to $160 peak. The primary support lies at $135.
As a researcher studying market trends, if the price falls below the $135 support level, it could lead to a significant drop in price. In this scenario, the price may potentially decline towards the $122 level. Further losses could possibly result in a test of the $118 mark.
The good news is that the immediate resistance for SOL price lies around $158. Moving forward, the significant resistance area is found around $160. If the price continues to climb, it may push SOL towards the $175 resistance zone, which could lead to even greater increases. The next significant resistance can be found at approximately $188.
Based on the chart’s analysis, Solana’s price has surpassed $140 and lies above the 4-hour Simple Moving Average (SMA) of $139. For a potential price rise to commence, it is essential that the price remains above the support levels of $138 and $135.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now near the 50 level.
Key Support Levels – $138 and $135.
Key Resistance Levels – $155, $160, and $175.
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2024-05-08 08:20