Solana Price Surges to Test Resistance Levels
The price of Solana (SOL) has experienced a significant surge, testing key resistance levels against the US Dollar. Following in the footsteps of Bitcoin and Ethereum, SOL has entered a positive zone and is now trading above crucial support levels.
- SOL price jumped higher and tested the $188 resistance against the US Dollar.
- The price is now trading above $180 and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $175 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could clear the $188 resistance unless it fails to stay above $175.
Solana Price Starts Fresh Surge
After establishing a support base near the $166 level, Solana’s price initiated a fresh surge. This positive movement coincided with recent surges in Bitcoin and Ethereum, propelling SOL into an upward trajectory.
Breaking above resistance levels at $175 and $180, the price of SOL even tested the $188 barrier. At a high of $188.00, the price is now consolidating gains above the 23.6% Fibonacci retracement level of the recent upward swing.
Currently, Solana is trading above $188 and the 100 simple moving average (4 hours). Additionally, a significant bullish trend line with support at $175 is taking shape on the hourly chart of the SOL/USD pair.
Immediate resistance is anticipated near the $185 level, with a major resistance at $188 looming ahead. A successful breach above $188 could pave the way for further gains, with the next critical resistance at $195. Subsequent upward movement could potentially drive the price towards the $200 mark.
Are Dips Supported in SOL?
In the event that SOL fails to rally above the $188 resistance, a downside correction may ensue. Initial support is expected near the $182 level, followed by a more substantial support level at $178 along with the established trend line.
If the price dips below $178, the 50% Fibonacci retracement level could provide additional support at $175. Further downward movement might lead to a test of the $166 support in the near future.
Technical Indicators for SOL
- Hourly MACD – The MACD for SOL/USD is displaying bullish momentum.
- Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level, indicating positive sentiment.
- Major Support Levels – $158, and $152.
- Major Resistance Levels – $165, $172, and $180.
By
By