Solana Price (SOL) Targets Upside Breakout: Will It Reach New Monthly Highs?
19 July 2024 - 3:18PM
NEWSBTC
Solana started a steady increase above the $155 zone. SOL price is
signaling a decent increase above the $162 and $165 resistance
levels. SOL price started a decent upward move above the $155
resistance against the US Dollar. The price is now trading above
$158 and the 100-hourly simple moving average. There is a key
bullish trend line forming with support at $159 on the hourly chart
of the SOL/USD pair (data source from Kraken). The pair could aim
for more upsides if it clears the $162.50 resistance level. Solana
Price Remains In Uptrend Solana price remained in a positive zone
above $145 and extended its increase above $150. SOL is forming a
base and eyeing more upsides, whereas Bitcoin and Ethereum are
correcting gains. There was a move above the $158 level. The price
surpassed the 50% Fib retracement level of the recent decline from
the $164.90 swing high to the $154.85 low. There is also a key
bullish trend line forming with support at $159 on the hourly chart
of the SOL/USD pair. Solana is now trading above the $158 level and
the 100-hourly simple moving average. On the upside, the price
might face resistance near the $162.50 level. It is close to the
76.4% Fib retracement level of the recent decline from the $164.90
swing high to the $154.85 low. The next major resistance is near
the $165 level. A successful close above the $165 resistance could
set the pace for another steady increase. The next key resistance
is near $172. Any more gains might send the price toward the $180
level. Are Dips Supported in SOL? If SOL fails to rise above the
$162.50 resistance, it could start a downside correction. Initial
support on the downside is near the $160 level. The first major
support is near the $158 level and the trend line. A break below
the $158 level might send the price toward $155. If there is a
close below the $155 support, the price could decline toward the
$150 support in the near term. Technical Indicators Hourly MACD –
The MACD for SOL/USD is gaining pace in the bullish zone. Hourly
Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above
the 50 level. Major Support Levels – $158 and $155. Major
Resistance Levels – $162.50 and $165.
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