Solana's price has surged beyond $150, showing promising signs of further gains. The cryptocurrency aims to challenge the $180 mark amid bullish momentum.
Solana's price has initiated a fresh uptrend from the $138 support against the US Dollar. Now trading above $150 and the 100 simple moving average (4 hours), the cryptocurrency exhibits strength in its upward movement. A connecting bullish trend line with support at $140 on the 4-hour chart of the SOL/USD pair reinforces this positive outlook.
Solana's price has established a strong foundation above the $130 support zone, leading to a recent uptick. With gains of nearly 10%, it has surpassed key levels at $135 and $145, mirroring similar movements in Bitcoin and Ethereum markets. Bulls have successfully propelled the price above the 76.4% Fibonacci retracement level, indicating significant upward potential.
Immediate resistance looms near $156.50, followed by a major hurdle at $162.50 or the 1.618 Fibonacci extension level. A decisive close above $162.50 could trigger substantial bullish momentum, with the next significant resistance lying near $175. Further upward movement could propel Solana's price towards the $180 level.
However, failure to breach the $162.50 resistance might lead to a downside correction. Initial support is anticipated near the $150 level, with the first major support resting around $142.00. A break below this level could test support at $138.00 and the trend line. A further decline may target the $128.00 support or the 100 simple moving average (4 hours).
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BeincryptoThe daily RSI has generated bullish divergence.
BeincryptoSolana price prediction: 33% of an in-industry expert panel say they are losing trust in SOL and the Solana team. The result follows network outages and dramas like the $661k DEX loss. This is according to the latest Finder report.
BeincryptoDaily RSI for SOL has remained below the neutral 50-level for most of the last month indicating a higher sell-side pressure in the market.
Beincrypto
NulltxSOL's bear flag setup sees its price declining to $21 by September 2022.
CointelegraphNulltxNulltxSolana market grapples with multiple bearish setups if it breaks below its key 50-week moving average.
Cointelegraph