SOL Price Analysis: Solana Could Soon Regain Traction Above $165

Live Bitcoin News
Updated Apr 24, 2024 05:38
Mitrade

■  Solana price started a fresh increase from the $120 zone against the US Dollar.

■  The price is now trading above $140 and the 55 simple moving average (4 hours).

■  There was a break above a key bearish trend line with resistance at $150 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).

■  The pair must clear $160 and $165 to continue higher in the near term.


Solana price is trading in a positive zone above $150 against the US Dollar, like Bitcoin. SOL could start a strong increase if it clears the $165 resistance.


Solana (SOL) Price Analysis


SOL price started a decent upward move from the $120 support zone. The price formed a base and was able to climb above the $132 and $140 levels.


There was a clear move above the 23.6% Fib retracement level of the downward move from the $204 swing high to the $121 low. The bulls were even able to push the price above the $150 resistance zone. Besides, there was a break above a key bearish trend line with resistance at $150 on the 4-hour chart of the SOL/USD pair.


SOL is now trading above $152 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $160 level or the 50% Fib retracement level of the downward move from the $204 swing high to the $121 low.


The next major resistance is near the $165 zone. Any more gains might send SOL price towards the $185 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $200 level.


On the downside, initial support is near the $148 level. The next major support is near the $140 level. A downside break below the $140 support level might push the price toward the $132 support. Any more losses might open the doors for more losses toward $120.


Looking at the chart, Solana price is trading above $150 and the 55 simple moving average (4 hours). Overall, the price must clear $160 and $165 to continue higher in the near term.


Technical Indicators


4 hours MACD – The MACD is now gaining momentum in the bullish zone.


4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.


Key Support Levels – $148 and $140.


Key Resistance Levels – $160, $165, and $185.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

Do you find this article useful?