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Home Market & Analysis

Solana Price (SOL) Shows Strength: Is a Return to $150 Possible?

n70products by n70products
September 10, 2024
in Market & Analysis
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Solana Price (SOL) Shows Strength: Is a Return to $150 Possible?
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Solana began a restoration wave from the $120 zone. SOL value is rising and may purpose for a transfer towards the $150 resistance degree.

  • SOL value began a restoration wave above the $125 degree towards the US Greenback.
  • The worth is now buying and selling above $128 and the 100-hourly easy shifting common.
  • There’s a connecting bullish pattern line forming with assist at $130 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The pair might achieve bullish momentum if it clears the $138 resistance zone.

Solana Worth Extends Losses

Solana value fashioned a assist base above the $120 degree and began a restoration wave like Bitcoin and Ethereum. SOL traded above the $125 and $128 resistance ranges.

The worth even climbed above $132 and examined the important thing barrier at $138. A excessive was fashioned at $137 and the worth is now consolidating good points. There was a minor decline under $135 and the 23.6% Fib retracement degree of the upward transfer from the $120 swing low to the $137 excessive.

Solana is now buying and selling above $130 and the 100-hourly easy shifting common. There’s additionally a connecting bullish pattern line forming with assist at $130 on the hourly chart of the SOL/USD pair.

Solana Price

On the upside, the worth is going through resistance close to the $135 degree. The following main resistance is close to the $138 degree. A profitable shut above the $135 and $138 resistance ranges might set the tempo for an additional regular enhance. The following key resistance is close to $142. Any extra good points may ship the worth towards the $150 degree.

One other Decline in SOL?

If SOL fails to rise above the $138 resistance, it might begin one other decline. Preliminary assist on the draw back is close to the $130 degree and the pattern line. The primary main assist is close to the $126 degree and the 61.8% Fib retracement degree of the upward transfer from the $120 swing low to the $137 excessive.

A break under the $126 degree may ship the worth towards $120. If there’s a shut under the $120 assist, the worth might decline towards the $110 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 above the 50 degree.

Main Help Ranges – $130 and $126.

Main Resistance Ranges – $135 and $138.



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Tags: PricereturnShowsSOLSolanaStrength
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