Ethereum

Solana

Bitcoin

Resistance

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. 
<ul> 
 <li>SOL price started a decent upward move above the $132 resistance against the US Dollar.</li> 
 <li>The price is now trading above $135 and the 100-hourly simple moving average.</li> 
 <li>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).</li> 
 <li>The pair could continue to rise toward $150 or even $155 in the near term.</li> 
</ul> 
<h2 id="solana-price-trims-some-losses">Solana Price Trims Some Losses</h2> 
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 <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stabilizes-55k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-targets-3320/" target="_blank" rel="noopener ">Ethereum</a> 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. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_6dadac.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-628501 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_6dadac.png?resize=1024%2C461" alt="Solana Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_6dadac.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_6dadac.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_6dadac.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_6dadac.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_6dadac.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_6dadac.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_6dadac.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
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. 
<h2 id="another-decline-in-sol">Another Decline in SOL?</h2> 
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 Eyes $150 Rebound: SOL Bulls Optimistic With Positive Indicators

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Alte articole publicate pe 9 iul. 2024

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