Solana Price (SOL) Gains Traction: Poised for Further Increase?
August 07 2024 - 1:28AM
NEWSBTC
Solana started a decent upward move from the $110 zone. SOL price
is rising and might increase further above the $155 resistance
zone. SOL price started a recovery wave above the $135 and $140
levels against the US Dollar. The price is now trading above $145
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 start
another increase if it clears the $155 resistance zone. Solana
Price Recovers 15% Solana price declined heavily below the $165 and
$150 levels like Bitcoin and Ethereum. It even traded below the
$120 support before the bulls appeared. A low was formed at $109
and SOL recently started a recovery wave. There was a move above
the $120 and $135 resistance levels. The price climbed above the
50% Fib retracement level of the downward move from the $184 swing
high to the $109 low. Besides, there was 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 $145 and the
100-hourly simple moving average. On the upside, the price is
facing resistance near the $155 level. It is close to the 61.8% Fib
retracement level of the downward move from the $184 swing high to
the $109 low. The next major resistance is near the $166 level. A
successful close above the $166 resistance could set the pace for
another steady increase. The next key resistance is near $184. Any
more gains might send the price toward the $195 level. Another
Decline in SOL? If SOL fails to rise above the $155 resistance, it
could start another decline. Initial support on the downside is
near the $140 level. The first major support is near the $135
level. A break below the $135 level might send the price toward
$122. If there is a close below the $122 support, the price could
decline toward the $110 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 – $140
and $135. Major Resistance Levels – $155 and $166.
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