Solana (SOL) Price Analysis: Rally Could Extend To $170
Solana price started a strong increase above the $130 resistance against the US Dollar.
The price is now trading above $140 and the 55 simple moving average (4 hours).
There is a connecting bullish trend line forming with support near $145 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
The pair must clear $155 and $162 to continue higher in the near term.
Solana price is trading in a positive zone above $140 against the US Dollar, like Bitcoin. SOL could extend its rally toward the $170 resistance.
Solana (SOL) Price Analysis
SOL price remained in a bullish zone above the $100 and $115 support levels. The bulls were active near the $115 zone. A base was formed, and the price started a decent increase above the $130 level.
There was a push above the $140 level and the 55 simple moving average (4 hours). The pair even climbed above the $150 level. A high was formed near $155 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $110 swing low to the $155 high.
SOL is now trading above $140 and the 55 simple moving average (4 hours). There is also a connecting bullish trend line forming with support near $145 on the 4-hour chart of the SOL/USD pair.
On the upside, an immediate resistance is near the $155 level. The next major resistance is near the $162 zone. Any more gains might send SOL price toward the $170 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $180 level.
On the downside, initial support is near the $145 level and the trend line zone. A downside break below the $145 support level might push the price toward the $140 level.
Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $110 swing low to the $155 high at $132.50.
Looking at the chart, Solana price is clearly trading above $140 and the 55 simple moving average (4 hours). Overall, the price must clear $155 and $162 to continue higher in the near term.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $145 and $140.
Key Resistance Levels – $155, $162, and $180.
The post Solana (SOL) Price Analysis: Rally Could Extend To $170 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ March 13, 2024 5:08 am