Solana
Solana (SOL) exceeds 10%: analysis of the bullish trend
Solana (SOL) exceeds 10%
Solana has started a strong rise above the $135 resistance. SOL price is up more than 10% from ETF hopes and could further rise to $162.
- SOL price started a steady increase and broke the $142 resistance against the US Dollar.
- The price is now trading above $142 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $142 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could correct lower and find offers near the $140-142 zone.
Solana Price Starts New Rally on ETF Deposits
Solana price formed a base above the $125 level and started a fresh increase. SOL broke many hurdles near the $135 and $140 levels to move into a positive zone. It gained more than 10%, broke the $145 resistance and outperformed. Bitcoin And Ethereum.
A high was formed at $150.93 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $135 low to $151 high.
Solana is now trading well above the $142 level and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $142 on the hourly chart of the SOL/USD pair. The trend line is close to the 50% Fibonacci retracement level of the upward move from the $135 low to $151 high.
If there is another increase, the price could face resistance near the $150 level. The next major resistance is near the $152 level. A successful close above the $152 resistance could set the tone for another steady rise. The next key resistance is near $162. Any further gains could push the price towards the $175 level.
Are dips supported in SOL?
If SOL fails to move above the $152 resistance, it could begin a further decline. Initial downside support is near the $145 level.
The first major support is near the $142 level and the trend line, below which the price could test $140. If there is a close below the $140 support, the price could decline to the $128 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is accelerating into the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for SOL/USD is above the 50 level.
Key support levels – $145 and $142.
Major resistance levels – $152 and $162.