Solana (SOL) Eyes a Strong Comeback: Will the Rally Ignite a Surge?
May 27 2024 - 10:58PM
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Solana found support near the $160 zone. SOL price is slowly rising
and might gain bullish momentum if it clears the $172 resistance
zone. SOL price corrected lower and tested the $160 support zone
against the US Dollar. The price is now trading above $165 and the
100-hourly simple moving average. There was a break above a key
bearish trend line with resistance at $164 on the hourly chart of
the SOL/USD pair (data source from Kraken). The pair could clear
the $172 resistance unless it fails to stay above $165. Solana
Price Could Gain Momentum Solana price formed a support base near
the $160 level and started a recovery wave. SOL underperformed
Bitcoin and Ethereum but managed to clear the $165 resistance.
There was a break above a key bearish trend line with resistance at
$164 on the hourly chart of the SOL/USD pair. There was even a
spike above the $170 zone and the 50% Fib retracement level of the
downward move from the $181 swing high to the $160 low. Solana
price is now trading above $165 and the 100-hourly simple moving
average. Immediate resistance is near the $170 level. The next
major resistance is near the $171 level. A successful close above
the $172 resistance could set the pace for another major increase.
The next key resistance is near $176 or the 76.4% Fib retracement
level of the downward move from the $181 swing high to the $160
low. Any more gains might send the price toward the $180 level. Are
Dips Supported in SOL? If SOL fails to rally above the $172
resistance, it could start another decline. Initial support on the
downside is near the $167 level. The first major support is near
the $165 level, below which the price could test $160. If there is
a close below the $160 support, the price could decline toward the
$150 support in the near term. Technical Indicators Hourly MACD –
The MACD for SOL/USD is losing pace in the bullish zone. Hourly
Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below
the 50 level. Major Support Levels – $165, and $160. Major
Resistance Levels – $170, $172, and $180.
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