Solana (SOL) Turns Positive Amid Market Calm — | Crypto News
Solana began a recovery wave above the $162 pivot zone. SOL price is now consolidating and faces hurdles close to the $172 zone.
- SOL price began a respectable upward transfer above $160 and $162 against the US Dollar.
- The price is now trading above $162 and the 100-hourly simple transferring average.
- There was a break above a contracting triangle with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price might continue to transfer up if it clears $168 and $172.
Solana Price Starts Recovery
Solana price prolonged losses below $150 before the bulls appeared, like Bitcoin and Ethereum. SOL examined the $145 zone and not too long ago began a recovery wave.
There was a transfer above the $155 and $162 resistance ranges. Besides, there was a break above a contracting triangle with resistance at $162 on the hourly chart of the SOL/USD pair. The pair even spiked above the 50% Fib retracement degree of the downward transfer from the $188 swing high to the $145 low.
Solana is now trading above $162 and the 100-hourly simple transferring average. On the upside, speedy resistance is close to the $168 degree. The next major resistance is close to the $172 degree or the 61.8% Fib retracement degree of the downward transfer from the $188 swing high to the $145 low.
The main resistance might be $178. A profitable close above the $178 resistance zone might set the tempo for another regular increase. The next key resistance is $185. Any more good points may ship the price toward the $196 degree.
Another Decline In SOL?
If SOL fails to rise above the $172 resistance, it might continue to transfer down. Initial assist on the draw back is close to the $162 zone. The first major assist is close to the $160 degree.
A break below the $160 degree may ship the price toward the $155 assist zone. If there may be a close below the $155 assist, the price might decline toward the $150 zone 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 $150.
Major Resistance Levels – $168 and $172.
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