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Home Market & Analysis

Solana (SOL) Clings to Key Support: Is a Bounce Imminent?

n70products by n70products
October 4, 2024
in Market & Analysis
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Solana (SOL) Clings to Key Support: Is a Bounce Imminent?
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Solana trimmed good points and examined the $132 assist. SOL value is consolidating and would possibly purpose for a contemporary enhance above the $140 resistance zone.

  • SOL value began a contemporary decline under the $145 zone towards the US Greenback.
  • The worth is now buying and selling close to $142 and the 100-hourly easy shifting common.
  • There was a break above a short-term bearish pattern line with resistance at $136 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The pair may begin a restoration wave if it stays above the $132 assist zone.

Solana Value Revisits $132

Solana value began a contemporary decline from the $162 resistance like Bitcoin and Ethereum. SOL declined under the $155 and $150 assist ranges. It even declined under $142.

Nevertheless, the bulls have been energetic above the $132 assist. A low was fashioned at $133.17 and the worth is now consolidating losses. There was a transfer above the $135 stage. The worth climbed above the 23.6% Fib retracement stage of the latest decline from the $1482 swing excessive to the $133 low.

There was additionally a break above a short-term bearish pattern line with resistance at $136 on the hourly chart of the SOL/USD pair. Solana is now buying and selling under $142 and the 100-hourly easy shifting common.

On the upside, the worth is going through resistance close to the $140 stage. The following main resistance is close to the $142 stage. It’s near the 61.8% Fib retracement stage of the latest decline from the $1482 swing excessive to the $133 low. The primary resistance may very well be $148.

Solana Price

A profitable shut above the $148 and $150 resistance ranges may set the tempo for one more regular enhance. The following key resistance is close to $155. Any extra good points would possibly ship the worth towards the $162 stage.

Extra Downsides in SOL?

If SOL fails to rise above the $140 resistance, it may begin one other decline. Preliminary assist on the draw back is close to the $135 stage. The primary main assist is close to the $132 stage.

A break under the $132 stage would possibly ship the worth towards the $120 zone. If there’s a shut under the $120 assist, the worth may decline towards the $112 assist within the close to time period.

Technical Indicators

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

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

Main Help Ranges – $135 and $132.

Main Resistance Ranges – $140 and $148.



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Tags: BounceClingsImminentKeySOLSolanaSupport
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