Solana
Cryptocurrency Market Rises with SOL Momentum
Solana began a further rise above the $150 resistance. SOL price is up almost 15% and could continue to rise if it breaks the $165 resistance.
- SOL price recovered and tested the $162 resistance against the US Dollar.
- The price is now trading above $150 and the 100 hourly simple moving average.
- There was a break above a key downtrend line with resistance at $148 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could breach the $165 resistance unless it manages to stay above $158.
Solana price starts new rise
Solana price formed a support base near the $138 level and started a further increase. SOL outperformed Bitcoin And Ethereum and entered a positive zone above the $150 level.
There was a break above a key downtrend line with resistance at $148 on the hourly chart of the SOL/USD pair. The pair even reached resistance at $155 and climbed above $162. A new weekly high was reached at $163.76 and the price is now consolidating its gains.
It maintains the 23.6% Fibonacci retracement level of the upward move from the $141 low to $164 high. Solana is now trading above $160 and the 100 simple moving average (4-hours).
Immediate resistance is near the $165 level. The next major resistance is near the $172 level. A successful close above the $172 resistance could set the tone for another major rise. The next key resistance is near $180. Any further gains could push the price towards the $188 level.
Are dips supported in SOL?
If SOL fails to move above the $160 resistance, it could trigger a downward correction. Initial downside support is near the $158 level. The first major support is near the $152 level.
The 50% Fibonacci retracement level of the upward move from the $141 low to $164 high is also at $152, below which the price could test $150. If there is a close below the $150 support, the price could decline to the $138 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is accelerating into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $158 and $152.
Major resistance levels – $165, $172 and $180.