Solana (SOL) Spikes to $160 — Will Bulls Power | Crypto News
Solana began a recent increase above the $155 zone. SOL price is now consolidating positive factors and may wrestle to rise above the $160 resistance.
- SOL price began a recent upward transfer above the $150 and $155 ranges against the US Dollar.
- The price is now trading above $152 and the 100-hourly easy shifting average.
- There is a key bullish pattern line forming with help at $155 on the hourly chart of the SOL/USD pair (knowledge source from Kraken).
- The pair might begin a recent increase if it clears the $160 resistance zone.
Solana Price Aims Higher
Solana price began a respectable increase after it cleared the $152 resistance, like Bitcoin and Ethereum. SOL climbed above the $155 degree to enter a short-term constructive zone.
However, the price is dealing with a main hurdle at $160 and $162. A high is fashioned at $159.24 and the price is now consolidating positive factors above the 23.6% Fib retracement degree of the upward transfer from the $148 swing low to the $160 high.
Solana is now trading above $155 and the 100-hourly easy shifting average. There is also a key bullish pattern line forming with help at $155 on the hourly chart of the SOL/USD pair.
On the upside, the price is dealing with resistance close to the $160 degree. The next main resistance is close to the $162 degree. The predominant resistance could possibly be $165. A profitable close above the $165 resistance zone might set the tempo for one other regular increase. The next key resistance is $178. Any more positive factors may ship the price toward the $185 degree.
Another Decline in SOL?
If SOL fails to rise above the $160 resistance, it might begin one other decline. Initial help on the draw back is close to the $155 zone and the pattern line. The first main help is close to the $152 degree or the 61.8% Fib retracement degree of the upward transfer from the $148 swing low to the $160 high.
A break below the $152 degree may ship the price toward the $145 zone. If there’s a close below the $145 help, the price might decline toward the $136 help in the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 degree.
Major Support Levels – $155 and $152.
Major Resistance Levels – $160 and $162.
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