Solana Eyes $150 Rebound: SOL Bulls Optimistic With Positive Indicators
09 July 2024 - 3:28PM
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Solana started a recovery wave from the $128 zone. SOL price is up
over 6% and the bulls seem to be aiming to reclaim the $150 level.
SOL price started a decent upward move above the $132 resistance
against the US Dollar. The price is now trading above $135 and the
100-hourly simple moving average. There was a break above a key
bearish trend line with resistance at $136 on the hourly chart of
the SOL/USD pair (data source from Kraken). The pair could continue
to rise toward $150 or even $155 in the near term. Solana Price
Trims Some Losses Solana price managed to stay above the $120 pivot
level. SOL formed a base above the $128 level and recently started
a decent recovery wave, outperforming Bitcoin and Ethereum in the
past two sessions. There was a move above the $132 and $135
resistance levels. The price cleared the 61.8% Fib retracement
level of the downward move from the $144.15 swing high to the
$127.88 low. There was also a break above a key bearish trend line
with resistance at $136 on the hourly chart of the SOL/USD pair.
Solana is now trading above the $135 level and the 100-hourly
simple moving average. It is now attempting a close above the 76.4%
Fib retracement level of the downward move from the $144.15 swing
high to the $127.88 low. On the upside, the price might face
resistance near the $144 level. The next major resistance is near
the $150 level. A successful close above the $150 resistance could
set the pace for another steady increase. The next key resistance
is near $155. Any more gains might send the price toward the $162
level. Another Decline in SOL? If SOL fails to rise above the $144
resistance, it could start another decline. Initial support on the
downside is near the $136 level and the 100-hourly simple moving
average. The first major support is near the $128 level, below
which the price could test $120. If there is a close below the $120
support, the price could decline toward the $112 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 – $136 and $128. Major Resistance Levels – $144 and
$150.
Solana (COIN:SOLUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024