Solana Price Analysis: A Surge of Over 9%
Following a recent bearish rejection at a key resistance level, the Solana (SOL) price underwent a correction. However, in the past day, SOL price surged by over 9%, indicating potential bullish momentum.
Solana Rallies 9%: Momentum Builds for Even Higher Prices
– The SOL price faced bearish rejection at the resistance zone, spanning approximately from $157 to $160, before experiencing a notable surge of over 9%.
– SOL appears to be sustaining its upward momentum, encountering significant resistance within the $157 to $160 range.
– Breaking past this resistance could propel SOL towards the critical Fibonacci resistance at approximately $175.
– Indicators suggest bullish sentiment, with EMAs exhibiting a golden crossover and MACD lines and histogram showing a bullish outlook.
Solana’s 4H Chart Shows Predominant Bullish Trend
– The 4-hour chart indicates a predominantly bullish outlook, with MACD lines showing a bullish crossover and EMAs possibly forming a golden crossover soon.
– However, the Death Cross remains intact, signaling a bearish trend in the short term.
– RSI remains indecisive, offering no distinct signals at present.
What If Solana Faces Bearish Rejection at Resistance Again?
– If Solana faces another bearish rejection at the resistance zone spanning approximately $157 to $160, it may resume its decline toward Fibonacci support levels between roughly $125 and $133.
– Failure to breach this resistance could lead Solana to test critical Fibonacci support around $85, with the 50-week EMA near $94 serving as notable support.
Solana’s Monthly Chart Analysis: MACD Histogram Shows Bearish Trend
– In the monthly chart, the MACD histogram has been exhibiting a bearish trend, indicating a continued correction phase.
– Despite recent price recovery, a sustained correction towards the $85 mark in the medium term relies on Solana’s ability to surpass the golden ratio resistance around $175.
– Maintaining a price level above $85 would support a bullish trajectory, while failure to do so could signal a return to a downward trend.
SOL Gains Momentum Against BTC
– Against BTC, Solana bounced bullish from the 0.382 Fib support at approximately 0.0021 BTC, signaling a potential reversal.
– This week, Solana surpassed the 0.382 Fib resistance at 0.00237 BTC, setting the stage for a possible move towards the Golden Ratio resistance at 0.00268 BTC.
###Hot Take: Solana’s Price Surge Indicates Bullish Momentum Ahead
The recent surge in Solana’s price by over 9% reflects potential bullish momentum building up for even higher prices. Traders are closely monitoring the resistance levels to determine the next direction of SOL’s price movement. With key indicators pointing towards a bullish trend, Solana could be poised for further gains in the short to medium term.
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