Solana Price (SOL) Shows Strength: Is a Return to $150 Possible?
September 10 2024 - 1:08AM
NEWSBTC
Solana started a recovery wave from the $120 zone. SOL price is
rising and might aim for a move toward the $150 resistance level.
SOL price started a recovery wave above the $125 level against the
US Dollar. The price is now trading above $128 and the 100-hourly
simple moving average. There is a connecting bullish trend line
forming with support at $130 on the hourly chart of the SOL/USD
pair (data source from Kraken). The pair could gain bullish
momentum if it clears the $138 resistance zone. Solana Price
Extends Losses Solana price formed a support base above the $120
level and started a recovery wave like Bitcoin and Ethereum. SOL
traded above the $125 and $128 resistance levels. The price even
climbed above $132 and tested the key barrier at $138. A high was
formed at $137 and the price is now consolidating gains. There was
a minor decline below $135 and the 23.6% Fib retracement level of
the upward move from the $120 swing low to the $137 high. Solana is
now trading above $130 and the 100-hourly simple moving average.
There is also a connecting bullish trend line forming with support
at $130 on the hourly chart of the SOL/USD pair. On the upside, the
price is facing resistance near the $135 level. The next major
resistance is near the $138 level. A successful close above the
$135 and $138 resistance levels could set the pace for another
steady increase. The next key resistance is near $142. Any more
gains might send the price toward the $150 level. Another Decline
in SOL? If SOL fails to rise above the $138 resistance, it could
start another decline. Initial support on the downside is near the
$130 level and the trend line. The first major support is near the
$126 level and the 61.8% Fib retracement level of the upward move
from the $120 swing low to the $137 high. A break below the $126
level might send the price toward $120. If there is a close below
the $120 support, the price could decline toward the $110 support
in the near term. Technical Indicators Hourly MACD – The MACD for
SOL/USD is losing pace in the bullish zone. Hourly Hours RSI
(Relative Strength Index) – The RSI for SOL/USD is above the 50
level. Major Support Levels – $130 and $126. Major Resistance
Levels – $135 and $138.
Solana (COIN:SOLUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024