SOL Price Regains Strength, Can Solana Reclaim $150 and Continue Higher?
14 May 2024 - 4:28PM
NEWSBTC
Solana started a fresh increase above the $142 resistance. SOL
price is up nearly 8% and might continue to rise if it clears the
$150 resistance. SOL price recovered higher and tested the $150
resistance against the US Dollar. The price is now trading above
$1452 and the 100 simple moving average (4 hours). There was a
break above a key bearish trend line with resistance at $144 on the
4-hour chart of the SOL/USD pair (data source from Kraken). The
pair could clear the $150 resistance unless it fails to stay above
$146. Solana Price Eyes More Upsides Solana price formed a support
base near the $138 level and started a fresh increase. SOL
outperformed Bitcoin and Ethereum and moved into a positive zone
above the $144 level. There was a break above a key bearish trend
line with resistance at $144 on the 4-hour chart of the SOL/USD
pair. The pair even cleared the 50% Fib retracement level of the
downward wave from the $154.40 swing high to the $138.00 low.
However, the bears are active near the key hurdle at $150. Solana
is now trading above $145 and the 100 simple moving average (4
hours). Immediate resistance is near the $150 level or the 76.4%
Fib retracement level of the downward wave from the $154.40 swing
high to the $138.00 low. The next major resistance is near the $155
level. A successful close above the $155 resistance could set the
pace for another major increase. The next key resistance is near
$162. Any more gains might send the price toward the $175 level.
Another Decline in SOL? If SOL fails to rally above the $150
resistance, it could start another decline. Initial support on the
downside is near the $146 level and the 100 simple moving average
(4 hours). The first major support is near the $142 level, below
which the price could test $138. If there is a close below the $138
support, the price could decline toward the $125 support in the
near term. Technical Indicators 4-Hours MACD – The MACD for SOL/USD
is gaining pace in the bullish zone. 4-Hours RSI (Relative Strength
Index) – The RSI for SOL/USD is above the 50 level. Major Support
Levels – $146, and $142. Major Resistance Levels – $150, $155, and
$162.
Solana (COIN:SOLUSD)
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