The Latest Update on Solana Price Movement

The Latest Update on Solana Price Movement

Solana’s price has been struggling to clear the $150 and $155 resistance levels in order to initiate a steady increase. Currently, the price is hovering around $145 and is trading above the 100-hourly simple moving average. A bullish trend line is forming with support at $146 on the hourly chart of the SOL/USD pair. To start a short-term uptrend, the pair needs to overcome the $152.50 resistance level.

Solana witnessed a significant decline below the $150 level, much like Bitcoin and Ethereum. The price even dropped below the $142 support level before finding support near $138.01. However, a recovery wave has started recently, with the price surpassing the $142 and $145 resistance levels. Additionally, there was a break above the 50% Fib retracement level, indicating a potential bullish momentum. The price is now trading above $145 and the 100-hourly simple moving average, showing signs of a possible upward movement.

Immediate resistance for Solana is located near the $150 level, followed by a major hurdle at $152.50. A successful break above this resistance could pave the way for further gains towards the $156.50 and $160 levels. On the downside, initial support is at $145, followed by the trend line at $146. The $142 level is a critical support level, and a breach below it could result in a retest of $138. In the worst-case scenario, a close below the $132 support level may lead to a decline towards $125 in the near future.

The hourly MACD for SOL/USD is showing signs of losing momentum in the bullish zone, indicating a potential reversal. The hourly RSI is hovering around the 50 level, reflecting a neutral stance in the market. Major support levels are identified at $145 and $142, while major resistance levels are seen at $152.50, $156.50, and $160.

Overall, Solana’s price movement remains uncertain, with crucial resistance and support levels defining its short-term trajectory. Traders should closely monitor the $152.50 resistance level, as a break above it could trigger a significant bullish rally. However, a failure to surpass this hurdle may result in further downside pressure for Solana’s price.


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