- Solana price started a fresh increase from the $120 zone against the US Dollar.
The price is now trading above $140 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $150 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
The pair must clear $160 and $165 to continue higher in the near term.
The cost of Solana is currently thriving above $150 versus the U.S. dollar, much like Bitcoin. If Solana manages to surpass the resistance at $165, a robust upward trend may follow.
Solana (SOL) Price Analysis
The cost of SOL at the support level of $120 began to gradually rise. It then established a foundation and surpassed the $132 and $140 thresholds.
The price of Solana (SOL) surpassed the 23.6% Fibonacci retracement level in a noticeable upswing from its swing high at $204 to its low at $121. Bulls managed to drive the price above the previous resistance area at $150. Additionally, there was a noteworthy breach of the bearish trend line with a resistance point at $150 on the 4-hour SOL/USD chart.
The current price of SOL is above $152 and higher than its 4-hour simple moving average of $151. Looking ahead, potential resistance lies at around $160 or the halfway point of the price drop from the peak of $204 to the trough of $121.
The price of SOL may encounter its next significant obstacle around $165. If it continues to rise, it could reach the $185 resistance point, beyond which the upward trend might pick up pace. The next substantial hurdle lies at approximately $200.
If we consider the negative aspect, the price has initial support around $148. Following this, there is significant support close to $140. A drop in price below the $140 support could potentially lead the price to test the $132 support level. Further declines may result in additional losses and possibly pushing the price towards $120.
According to the given chart, Solana’s price currently hovers around $150 and surpasses its 4-hour simple moving average of approximately $148. In order to move upwards in the short term, it needs to break past $160 and $165 as next resistance levels.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $148 and $140.
Key Resistance Levels – $160, $165, and $185.
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2024-04-24 08:26