The Bullish Momentum of Solana Price

The Bullish Momentum of Solana Price

Solana is currently experiencing a bullish momentum as it surpasses the $150 mark. The price of SOL is showing positive signs and there is potential for it to even exceed the $162 resistance in the near future. The recent increase in SOL price started from the $138 support against the US Dollar. It is now trading above $150 and the 100 simple moving average (4 hours). Additionally, a connecting bullish trend line is forming with support at $140 on the 4-hour chart of the SOL/USD pair.

Solana price has built a base above the $130 support zone and has recently seen a fresh increase. There was a strong uptrend which saw the price rise above the $135 and $145 levels. The price surge equated to nearly 10% and there was a significant move to break above the $150 level. Similar to Bitcoin and Ethereum, there was a push by the bulls to surpass the 76.4% Fib retracement level of the downward move from the $152.86 swing high to the $137.25 low. Solana is now positioned above $150 and the 100 simple moving average (4 hours). There is also a connecting bullish trend line forming with support at $140 on the 4-hour chart of the SOL/USD pair.

Immediate resistance for SOL is expected near the $156.50 level, followed by a major resistance zone near $162.50. A successful break above the $162.50 resistance level could pave the way for a significant price increase, with the next key resistance found near $175. However, if SOL fails to rally above the $162.50 resistance, a downside correction may occur. The initial support on the downside is near the $150 level, with the first major support around $142.00. A drop below this level may lead the price towards $138.00 and the trend line. Should the price close below $138.00, a further decline towards $128.00 support or the 100 simple moving average (4 hours) could be seen in the near term.

The 4-Hours MACD for SOL/USD has been gaining momentum in the bullish zone, indicating a positive trend. The 4-Hours RSI (Relative Strength Index) also shows that SOL/USD is above the 50 level, further supporting the bullish case.

Solana’s bullish momentum and positive price action suggest potential for further growth. However, traders and investors are advised to conduct their own research and analysis before making any investment decisions. As with all investments, there are inherent risks involved, and it is important to be aware of these risks before entering the market.

Analysis

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