Analysis

Solana Price (SOL) Holds Crucial Support Level: Is the Rally Still Alive?

Solana is holding good points above the $150 resistance zone. SOL value is consolidating and would possibly purpose for a contemporary enhance above the $162 resistance zone.

  • SOL value began a contemporary enhance above the $155 zone in opposition to the US Greenback.
  • The worth is now buying and selling close to $155 and the 100-hourly easy transferring common.
  • There’s a key rising channel forming with help at $155 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The pair may begin one other enhance if it stays above the $155 help zone.

Solana Value Regains Traction

Solana value prolonged its enhance above the $155 resistance like Bitcoin and Ethereum. SOL even climbed above $160 earlier than the bears appeared. A excessive was shaped at $162 and the value began a draw back correction.

There was a transfer beneath the $160 and $158 ranges. Nevertheless, the bulls have been energetic close to the $155 help zone. A low is shaped at $155 and the value is now consolidating losses beneath the 23.6% Fib retracement degree of the latest decline from the $162 swing excessive to the $155 low.

Solana is now buying and selling close to $155 and the 100-hourly easy transferring common. There may be additionally a key rising channel forming with help at $155 on the hourly chart of the SOL/USD pair.

On the upside, the value is dealing with resistance close to the $158 degree. The subsequent main resistance is close to the $160 degree. It’s near the 76.4% Fib retracement degree of the latest decline from the $162 swing excessive to the $155 low. The primary resistance may very well be $162.

Solana Price

A profitable shut above the $160 and $162 resistance ranges may set the tempo for one more regular enhance. The subsequent key resistance is close to $175. Any extra good points would possibly ship the value towards the $180 degree.

Extra Downsides in SOL?

If SOL fails to rise above the $158 resistance, it may begin one other decline. Preliminary help on the draw back is close to the $155 degree. The primary main help is close to the $154 degree.

A break beneath the $154 degree would possibly ship the value towards the $149 zone. If there’s a shut beneath the $149 help, the value may decline towards the $142 help within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is dropping tempo within the bullish zone.

Hourly Hours RSI (Relative Power Index) – The RSI for SOL/USD is beneath the 50 degree.

Main Assist Ranges – $155 and $149.

Main Resistance Ranges – $158 and $162.

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