Solana Price Update: Potential Upside Ahead
If you have been following Solana closely, you would have observed the positive momentum in its price movement. As of the latest data, here are some key points you should be aware of regarding SOL price:
- SOL price has initiated an upward trend, surpassing the $155 resistance level against the US Dollar.
- The current price is trading above $158 and the 100-hourly simple moving average.
- A bullish trend line has been identified with support at $159 on the hourly chart of the SOL/USD pair (data source from Kraken).
- Potential further upside movement is possible if the $162.50 resistance level is breached.
Solana Price Remains In Uptrend
Despite fluctuations in the broader crypto market, Solana has maintained a positive trajectory, maintaining levels above $145 and extending gains beyond $150. Here are some essential updates on SOL’s performance:
- The price has exceeded the $158 mark, surpassing the 50% Fib retracement level from the recent pullback between the $164.90 swing high and $154.85 low.
- A key bullish trend line has formed with support at $159 on the hourly chart of the SOL/USD pair.
- Currently, SOL is trading above $158 and the 100-hourly simple moving average, indicating a potential bullish sentiment.
- On the upside, resistance near $162.50 may present a challenge for further price movement.
The upcoming resistance levels to watch out for include $165 and possibly $172, with potential gains leading towards $180 if the bullish momentum persists.
Are Dips Supported in SOL?
Considering the scenario where SOL faces hurdles in breaking above the $162.50 resistance level, a downside correction might be expected. Here are some support levels to monitor:
- Initial support resides near the $160 level, followed by the critical support at $158 along with the established trend line.
- A breach below $158 could potentially lead to a downward movement towards $155, with a close below $155 possibly pushing the price towards $150 in the short term.
Technical indicators such as MACD and RSI are showing positive signs for SOL, indicating a potential continuation of the bullish trend. Key support and resistance levels to monitor include $158, $155, $162.50, and $165.
Hot Take: Stay Tuned for SOL Price Movements
If you are considering the latest updates on Solana’s price performance, prepare for potential upside movements as the coin continues to show strength above key support levels. Keep a close eye on resistance levels as SOL aims for further gains in the near term. Stay informed and ready to act based on the evolving market conditions.
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