Solana
Indications of a bullish breakout for Solana?
Following a recent bearish rejection of resistance, the Solana (GROUND) the price has undergone a correction. However, the day before, SOL Price jumped more than 9%.
It remains uncertain whether SOL price will manage to break above resistance or face another bearish rejection, leading to a further correction.
Solana rebounds by 9%: momentum strengthens for even higher prices
Four days ago, SOL price faced a bearish rejection at the resistance zone, extending roughly between $157 and $160, continuing its downward trajectory. However, SOL saw a notable rise yesterday, recording a gain of over 9%.
Currently, SOL appears to be maintaining its bullish momentum, once again encountering significant resistance in the $157-$160 range. A breakout beyond this resistance could propel SOL towards the critical Fibonacci resistance at around $175, marking a potential end of the correction phase.
Prevailing indicators lean towards bullish sentiment. Notably, EMAs exhibit a golden crossover, signaling an uptrend in the short to medium term.
Solana (SOL) price analysis. Source: Commercial view
Additionally, the MACD lines are bullish, accompanied by an ascending tick in the MACD histogram since yesterday. However, the relative strength index (ROI) currently remains neutral.
Solana 4H Chart Shows Predominant Uptrend
In the 4-hour chart, the indicators echo a predominantly bullish outlook. The MACD lines are exhibiting a bullish crossover, accompanied by an upward trend in the MACD histogram, while the RSI remains indecisive, offering no distinct signal.
Learn more: How to Buy Solana (SOL) and Everything You Need to Know
Additionally, it is possible that the EMAs will soon form a golden crossover, further strengthening the short-term bullish sentiment. However, it is worth noting that the Death Cross remains intact at present, signaling a short-term downtrend.
What if Solana was once again faced with a bearish rejection against the Resistance?
If Solana faces another bearish rejection at the resistance zone between around $157 and $160, it could resume its decline towards the Fibonacci support levels between around $125 and $133.
Failure to break through this resistance could lead Solana to test critical Fibonacci support around $85. The 50-week EMA, positioned near $94, also serves as a notable support level.
In the weekly chart, the MACD lines remain bearish, accompanied by a downward trend in the MACD histogram, while the RSI oscillates in neutral territory.
Solana Monthly Chart Analysis: MACD Histogram Shows Bearish Trend
In the monthly chart, the MACD histogram shows a downtrend since last month, indicating a continued correction phase for SOL. Despite a slight recovery in SOL price this month, the MACD histogram has yet to show any bullish momentum.
However, the bullish crossover of the MACD lines and the neutral position of the RSI suggest a potential change in momentum. Whether Solana will maintain its correction and approach the $85 mark in the medium term depends largely on its ability to overcome the resistance of the golden ratio about $175.
Maintaining a price level above $85 would maintain the upward trajectory in the medium term. Conversely, failure to do so could signal a return to a downtrend, potentially leading to lower prices, such as $19.
SOL gains momentum against BTC
Against BTC, Solana recently saw a bullish rebound from 0.382 Fib support at around 0.0021 BTC, signaling a potential reversal. This week, Solana appears to be breaking above the 0.382 Fib resistance around 0.00237 BTC, paving the way for a possible move towards Golden Ratio resistance at 0.00268 BTC.
A successful breakout above this level could mark the end of the corrective phase for the time being, potentially allowing Solana to target golden ratio resistance at around 0.003 BTC.
Learn more: Solana (SOL) Price Prediction 2024/2025/2030
While the MACD histogram shows signs of bullish momentum this week, the MACD lines remain crossed to the downside and the RSI maintains a neutral position.
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