Solana Price Update: Bullish Momentum Above $165 Support
Solana’s price has seen a positive trend recently, moving upwards from the $165 support level against the US Dollar. Here are some key points to note:
- The current price is hovering around $175, close to the 100-hourly simple moving average.
- There was a notable break above a bearish trend line with resistance at $170 on the hourly chart for the SOL/USD pair sourced from Kraken.
- If the price manages to clear the $182.50 resistance level, it could potentially target further upside movements.
Solana Price Remains Resilient Above $165
Following a similar pattern to Bitcoin and Ethereum, Solana faced a downward correction from $152.50. The price dipped below key support levels at $175 and $172, eventually falling below $170.
However, the price found strong support at the $165 level, with a low at $165.12 before starting to rise once again. A positive development was the breach of the $170 and $172 resistance levels, leading to the price surpassing the 50% Fibonacci retracement level from the recent swing high of $182.51 to the low of $165.12.
Additionally, there was a notable breakout above a bearish trend line with resistance at $170 on the hourly chart of the SOL/USD pair. Currently, Solana is trading close to $175, facing some resistance around the 61.8% Fibonacci retracement level from the recent swing high to the low.
Looking ahead, the price is encountering resistance around $175, with a significant barrier at $182.50. A successful close above $182.50 could pave the way for a sustained uptrend, with potential further resistance at $192 and the psychological barrier of $200.
Can SOL Sustain Bullish Momentum?
If Solana fails to breach the $182.50 resistance level, a corrective move could ensue. Initial support lies at $172, followed by a more critical support level near $170.
A breakdown below $170 might signal a retest of the $165 support, which if breached, could open the door for a decline towards $155 in the short term.
Technical Indicators
- Hourly MACD – The MACD for SOL/USD is exhibiting bullish momentum.
- Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is currently above the 50 level, indicating positive sentiment.
Key Levels to Watch:
- Major Support Levels – $172 and $170.
- Major Resistance Levels – $175 and $182.50.
Hot Take: Opportunity for Upside if Key Resistance is Broken
As a Solana investor, the current price action above the $165 support level is a positive sign, indicating a possible bullish continuation. Keep an eye on the key resistance at $182.50, as a successful break above this level could trigger further upside momentum towards $192 and potentially $200. Conversely, failure to breach $182.50 may lead to a downtrend, with support levels at $172 and $170 coming into play. Stay tuned for further developments in the Solana market to capitalize on potential trading opportunities.
Sources: Kraken
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