Solana Price (SOL) Could Spark Another Rally by Clearing $162
August 26 2024 - 1:58AM
NEWSBTC
Solana started a fresh increase above the $150 resistance. SOL
price could rally further if there is a clear move above the $162
resistance. SOL price started a fresh upward move above the $150
and $155 levels the US Dollar. The price is now trading above $155
and the 100-hourly simple moving average. There is a key bullish
trend line forming with support at $158 on the hourly chart of the
SOL/USD pair (data source from Kraken). The pair could start
another increase if it clears the $162 resistance zone. Solana
Price Regains Strength Above $155 Solana price started a fresh
increase above the $150 resistance level. SOL remained stable and
gained pace for a move above the $155 resistance level. It even
cleared the $160 resistance level, beating Ethereum and Bitcoin.
The price traded as high as $162 and is currently consolidating
gains. There was a minor correction below the $160 level. The price
tested the 23.6% Fib retracement level of the upward move from the
$138 swing low to the $162 swing high. Solana is now trading well
above $150 and the 100-hourly simple moving average. There is also
a key bullish trend line forming with support at $158 on the hourly
chart of the SOL/USD pair. On the upside, the price is facing
resistance near the $162 level. The next major resistance is near
the $165 level. A successful close above the $162 and $165
resistance levels could set the pace for another steady increase.
The next key resistance is near $178. Any more gains might send the
price toward the $184 level. Are Dips Limited in SOL? If SOL fails
to rise above the $162 resistance, it could start a downside
correction. Initial support on the downside is near the $158 level
and the trend line. The first major support is near the $155 level.
A break below the $155 level might send the price toward $148 or
the 61.8% Fib retracement level of the upward move from the $138
swing low to the $162 swing high. If there is a close below the
$148 support, the price could decline toward the $135 support in
the near term. Technical Indicators Hourly MACD – The MACD for
SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI
(Relative Strength Index) – The RSI for SOL/USD is above the 50
level. Major Support Levels – $158 and $155. Major Resistance
Levels – $162 and $165.
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