Solana (SOL) is experiencing a robust bullish phase, sustaining above significant price levels and outshining its peers, Bitcoin and Ethereum. The asset has maintained its upward trajectory, recently breaking through critical resistance levels.
Solana began its latest rally by pushing past the $162 and $165 resistance markers, eventually breaching the $180 threshold. The price witnessed a notable 5% gain, touching a high of $185.11. It is stabilizing near the 23.6% Fibonacci retracement level of the recent surge from $170.58 to $185.11.
Currently, Solana is trading above $180 and remains well-positioned above the 100-hourly simple moving average. A supportive bullish trend line on the hourly chart has been identified, aligning closely with the 61.8% Fibonacci retracement level of the upward move from $170.58 to $185.11.
Looking ahead, Solana faces immediate resistance at the $185 mark. Should it successfully breach this level, the next significant resistance lies at $188. A decisive close above this resistance could pave the way for further ascents, with $192 as the next notable target. Continued momentum beyond this point could potentially propel Solana towards the psychological $200 barrier.
Conversely, if Solana struggles to surpass the $185 resistance, a corrective phase might ensue. The initial support is pegged at the $180 level, followed by substantial backing at $176, which coincides with the trend line support.
A downward breach below the $176 support could drive Solana towards the $168 mark. Should it dip below this level, the subsequent major support is envisioned at $155, potentially marking a significant retracement in the near term.
Technical Indicators
– MACD: The Moving Average Convergence Divergence (MACD) for SOL/USD is currently accelerating within the bullish zone, indicating sustained buying pressure.
– RSI: The Relative Strength Index (RSI) for SOL/USD is hovering above the 50 level, suggesting that the buyers still maintain control, albeit with potential for volatility.
Summary
Solana’s price trajectory exhibits strong bullish indicators with a clear path outlined for further gains. Investors and traders should monitor the $185 and $188 resistance levels closely, as these will be pivotal in determining SOL’s short-term direction. Meanwhile, maintaining vigilance around key support levels will be crucial for navigating potential pullbacks effectively. As always, market participants are advised to consider global economic factors and broader market sentiments, which could influence price actions significantly.
