Solana (SOL) Price Surge Analysis
Solana (SOL) witnessed a remarkable surge of nearly 15%, hinting at potential further gains if it manages to surpass the critical $165 resistance level. The cryptocurrency commenced a fresh uptrend after breaching the $150 resistance barrier.
Technical Analysis
SOL price demonstrated a significant recovery and challenged the $162 resistance against the US Dollar. At present, it is trading above $150 and the 100-hourly simple moving average. Notably, a pivotal bearish trend line with resistance at $148 was breached on the hourly chart of the SOL/USD pair, sourced from Kraken.
- The pair may successfully surpass the $165 resistance, provided it maintains its position above $158.
- Solana’s price formed a sturdy support base around the $138 level before initiating a fresh upward movement, outperforming major cryptocurrencies like Bitcoin and Ethereum.
- After breaking above the aforementioned bearish trend line, SOL surged past the $155 resistance and peaked above $162, achieving a new weekly high at $163.76.
The price is currently consolidating its gains and is holding above the 23.6% Fibonacci retracement level of the upward swing from the $141 low to the $164 high. Additionally, SOL is trading above $160 and the 100 simple moving average (4 hours).
Forecast and Support Levels
Immediate resistance looms near the $165 level, followed by a major hurdle at $172. A decisive close above $172 could pave the way for a significant upward move, with the subsequent key resistance positioned around $180.
- If SOL fails to breach the $160 resistance, a downside correction might be imminent.
- Initial support rests at $158, with the first major support zone near $152.
- In the event of a bearish trend, the price could dip towards the $150 support level, potentially testing the $138 support in the near future.
Technical Indicators
Hourly MACD indicates a bullish momentum gaining pace for SOL/USD, while the Hourly RSI stands above the 50 level, signifying positive strength in the market.
Key Levels to Watch
- Major Support Levels: $158, $152
- Major Resistance Levels: $165, $172, $180
