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Home Market & Analysis

Solana Price (SOL) Holds Crucial Support Level: Is the Rally Still Alive?

n70products by n70products
September 30, 2024
in Market & Analysis
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Solana Price (SOL) Holds Crucial Support Level: Is the Rally Still Alive?
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Solana is holding positive aspects above the $150 resistance zone. SOL value is consolidating and may intention for a recent improve above the $162 resistance zone.

  • SOL value began a recent improve above the $155 zone towards the US Greenback.
  • The value is now buying and selling close to $155 and the 100-hourly easy shifting common.
  • There’s a key rising channel forming with assist at $155 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The pair may begin one other improve if it stays above the $155 assist zone.

Solana Worth Regains Traction

Solana value prolonged its improve above the $155 resistance like Bitcoin and Ethereum. SOL even climbed above $160 earlier than the bears appeared. A excessive was shaped at $162 and the value began a draw back correction.

There was a transfer under the $160 and $158 ranges. Nonetheless, the bulls had been energetic close to the $155 assist zone. A low is shaped at $155 and the value is now consolidating losses under the 23.6% Fib retracement degree of the current decline from the $162 swing excessive to the $155 low.

Solana is now buying and selling close to $155 and the 100-hourly easy shifting common. There’s additionally a key rising channel forming with assist at $155 on the hourly chart of the SOL/USD pair.

On the upside, the value is going through resistance close to the $158 degree. The subsequent main resistance is close to the $160 degree. It’s near the 76.4% Fib retracement degree of the current decline from the $162 swing excessive to the $155 low. The principle resistance may very well be $162.

Solana Price

A profitable shut above the $160 and $162 resistance ranges may set the tempo for one more regular improve. The subsequent key resistance is close to $175. Any extra positive aspects may ship the value towards the $180 degree.

Extra Downsides in SOL?

If SOL fails to rise above the $158 resistance, it may begin one other decline. Preliminary assist on the draw back is close to the $155 degree. The primary main assist is close to the $154 degree.

A break under the $154 degree may ship the value towards the $149 zone. If there’s a shut under the $149 assist, the value may decline towards the $142 assist within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is dropping tempo within the bullish zone.

Hourly Hours RSI (Relative Energy Index) – The RSI for SOL/USD is under the 50 degree.

Main Assist Ranges – $155 and $149.

Main Resistance Ranges – $158 and $162.



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Tags: AliveCrucialHoldsLevelPriceRallySOLSolanaSupport
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