SOL Price Pops 10%, Can Solana Bulls Regain Strength?
Release: 2024/05/03 13:54 Reading: 625
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=606338
Solana initiated a recovery wave from the $120 zone. SOL's price is rising and may accelerate higher if it closes above the $142 resistance.
SOL's price rebounded and tested the $140 resistance against the US Dollar. The price is now trading below $142 and the 100 simple moving average (4 hours).
A breakout occurred above a key bearish trend line with resistance at $132 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could experience another decline if it remains below $142 and $150.
Solana Price Faces Resistance
Solana's price extended losses below the $150 and $140 support levels. SOL tested the $120 zone and recently commenced an upward correction, similar to Bitcoin and Ethereum.
A substantial increase occurred above the $125 and $130 levels. The price climbed beyond the 23.6% Fib retracement level of the downward wave from the $160 swing high to the $118 low. A breakout occurred above a key bearish trend line with resistance at $132 on the 4-hour chart of the SOL/USD pair.
It even spiked above the $140 zone and the 100 simple moving average (4 hours), but there is no hourly close. Bears are currently active near the 50% Fib retracement level of the downward wave from the $160 swing high to the $118 low.
src="/uploads/20240504/17148120796635f4af9c135.png">Source: SOLUSD on TradingView.com
Solana is currently trading below $142 and the 100 simple moving average (4 hours). Immediate resistance is near the $142 level. The next major resistance is near the $150 level. A successful close above the $150 resistance could pave the way for another significant increase. The next key resistance is near $160. Further gains could push the price towards the $175 level.
Another Decline in SOL?
If SOL fails to rally above the $142 resistance, it could initiate another decline. Initial support on the downside is near the $132 level.
The first major support is near the $128 level, below which the price could test $120. If a close occurs below the $120 support, the price could descend towards the $105 support in the short term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $132, $128.
Major Resistance Levels – $142, $150, $175.
Disclaimer: This article is solely intended for educational purposes. It does not represent NewsBTC's views on whether to buy, sell, or hold any investments. Investing inherently involves risks, and you are advised to conduct thorough research before making any investment decisions. Utilize the information provided on this website at your own discretion.
Tags: Sol, Solana, solbtc, SOLUSD, SOLUSDT
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