Solana Price (SOL) Could Spark Another Rally by Clearing $162

NewsBTC · 2024-08-25T21:58:39+00:00

Solana price rose above $155 and the 100-hourly SMA, and could continue to rally if it surpasses the $162 resistance. There is a bullish trend line with a support level at $158. Any dips could find support at $155 and $148. Technical indicators suggest a bullish trend.

NewsBTC

2024-08-25 21:58:39

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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.

Source: SOLUSD on TradingView.comOn 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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