Solana (SOL) Accelerates Higher, All Eyes on a Key Upside Level
Solana began a recent improve above the $140 zone. SOL value is now consolidating above $140 and would possibly purpose for extra positive factors above the $145 zone.
- SOL value began a recent upward transfer above the $140 and $142 ranges in opposition to the US Greenback.
- The worth is now buying and selling above $140 and the 100-hourly easy shifting common.
- There’s a bullish pattern line forming with help at $138 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
- The pair may lengthen positive factors if it clears the $145 resistance zone.
Solana Value Outperforms Bitcoin
Solana value began an honest improve after it settled above the $132 zone, outperforming Bitcoin and Ethereum. SOL climbed above the $138 degree to enter a short-term constructive zone.
The worth even smashed the $140 resistance. The bulls have been in a position to push the worth above $142. A excessive was fashioned at $144, and the worth is now consolidating positive factors above the 23.6% Fib retracement degree of the latest upward transfer from the $135 swing low to the $144 excessive.
Solana is now buying and selling above $142 and the 100-hourly easy shifting common. Apart from, there’s a bullish pattern line forming with help at $138 on the hourly chart of the SOL/USD pair.
On the upside, the worth is going through resistance close to $144. The following main resistance is close to the $145 degree. The primary resistance could possibly be $150. A profitable shut above the $150 resistance zone may set the tempo for an additional regular improve. The following key resistance is $162. Any extra positive factors would possibly ship the worth towards the $170 degree.
Draw back Correction In SOL?
If SOL fails to rise above the $145 resistance, it may begin one other decline. Preliminary help on the draw back is close to the $142 zone. The primary main help is close to the $140 degree or the 50% Fib retracement degree of the latest upward transfer from the $135 swing low to the $144 excessive.
A break beneath the $140 degree would possibly ship the worth towards the $138 help zone and the pattern line. If there’s a shut beneath the $138 help, the worth may decline towards the $132 help within the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.
Hourly Hours RSI (Relative Energy Index) – The RSI for SOL/USD is above the 50 degree.
Main Help Ranges – $140 and $138.
Main Resistance Ranges – $145 and $150.
