SOL Price Pops 10%, Can Solana Bulls Regain Strength?
May 03 2024 - 12:50AM
NEWSBTC
Solana started a recovery wave from the $120 zone. SOL price is
rising and might accelerate higher if there is a close above the
$142 resistance. SOL price recovered higher and tested the $140
resistance against the US Dollar. The price is now trading below
$142 and the 100 simple moving average (4 hours). There was a break
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 start another decline if it stays below $142 and $150.
Solana Price Faces Resistance Solana price extended losses below
the $150 and $140 support levels. SOL tested the $120 zone and
recently started an upside correction, like Bitcoin and Ethereum.
There was a decent increase above the $125 and $130 levels. The
price climbed above the 23.6% Fib retracement level of the downward
wave from the $160 swing high to the $118 low. There was a break
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. The bears are currently active near the 50% Fib
retracement level of the downward wave from the $160 swing high to
the $118 low. Source: SOLUSD on TradingView.com Solana is now
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 set the pace for another major increase. The
next key resistance is near $160. Any more gains might send the
price toward the $175 level. Another Decline in SOL? If SOL fails
to rally above the $142 resistance, it could start 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 there is a close below the $120 support, the price
could decline toward the $105 support in the near term. Technical
Indicators 4-Hours MACD – The MACD for SOL/USD is gaining pace in
the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI
for SOL/USD is above the 50 level. Major Support Levels – $132, and
$128. Major Resistance Levels – $142, $150, and $175.
Solana (COIN:SOLUSD)
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From Apr 2024 to May 2024
Solana (COIN:SOLUSD)
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From May 2023 to May 2024