Home CryptocurrencyAnalysis Crypto Market Rises with SOL Momentum

Crypto Market Rises with SOL Momentum

by SuperiorInvest

Solana started a new 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 resistance of $162 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 bearish trend line with resistance at $148 on the hourly chart of the SOL/USD pair (data feed from Kraken).
  • The pair could surpass the $165 resistance unless it fails to hold above $158.

Solana price begins a new increase

Solana price formed a support base near the $138 level and started a new rise. SOL outperformed Bitcoin and Ethereum and entered a positive zone above the $150 level.

There was a break above a key bearish trend line with resistance at $148 on the hourly chart of the SOL/USD pair. The pair even resisted $155 and shot above $162. A new weekly high was formed at $163.76 and the price is now consolidating gains.

It is holding the 23.6% Fibonacci retracement level of the upward move from the low of $141 to the high of $164. Solana is now trading above $160 and the 100 simple moving average (4-hours).

Source: SOLUSD on TradingView.com

The 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 pace for another major rise. The next key resistance is near $180. Any further gains could send the price towards the $188 level.

Are falls allowed in SOL?

If SOL fails to overcome the $160 resistance, it could start a downward correction. Initial support on the downside is near the $158 level. The first major support is near the $152 level.

The 50% retracement level of the upward move from the low of $141 to the high of $164 is also at $152, below which the price could test $150. If there is a close below the $150 support 150, the price could fall towards the $138 support in the near term.

Technical Indicators

Hourly MACD: The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Main support levels: $158 and $152.

Main resistance levels: $165, $172 and $180.

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