Solana Price Faces Uphill Task: Tough Road Ahead For SOL Bulls
17 Junio 2024 - 1:18AM
NEWSBTC
Solana tested the $138 zone before it started a recovery wave. SOL
price must clear the $150 and $155 resistance levels to start a
steady increase. SOL price is eyeing an upside break above the $150
resistance against the US Dollar. The price is now trading above
$145 and the 100-hourly simple moving average. There is a
connecting bullish trend line forming with support at $146 on the
hourly chart of the SOL/USD pair (data source from Kraken). The
pair could clear the $152.50 resistance to start a short-term
uptrend. Solana Price Eyes Steady Increase Solana price extended
losses below the $150 level like Bitcoin and Ethereum. SOL even
declined below the $142 support before the bulls appeared near the
$138 level. A low was formed at $138.01 and the price recently
started a decent recovery wave. The price was able to clear the
$142 and $145 resistance levels. There was a move above the 50% Fib
retracement level of the downward move from the $161.89 swing high
to the $138.01 low. Solana price is now trading above $145 and the
100-hourly simple moving average. There is also a connecting
bullish trend line forming with support at $146 on the hourly chart
of the SOL/USD pair. Immediate resistance is near the $150 level.
The next major resistance is near the $152.50 level or the 61.8%
Fib retracement level of the downward move from the $161.89 swing
high to the $138.01 low. A successful close above the $152.50
resistance could set the pace for another major increase. The next
key resistance is near $156.50. Any more gains might send the price
toward the $160 level. Another Decline in SOL? If SOL fails to
rally above the $152.50 resistance, it could start another decline.
Initial support on the downside is near the $145 level and the
trend line. The first major support is near the $142 level, below
which the price could test $138. If there is a close below the $132
support, the price could decline toward the $125 support in the
near term. Technical Indicators Hourly MACD – The MACD for SOL/USD
is losing pace in the bullish zone. Hourly Hours RSI (Relative
Strength Index) – The RSI for SOL/USD is near the 50 level. Major
Support Levels – $145, and $142. Major Resistance Levels – $152.50,
$156.50, and $160.
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