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28/05/24
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Technical Outlook on the Performance of Solana (SOL)
The chart of SOL/USD shows that the activities of the bears prompted the formation of a support base close to $160 prior to the bulls initiating a recovery move to the upside. The performance of SOL was not as good as BTC and ETH, but the bulls were able to push it clearly past the barrier level at $165.
A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level at $164. SOL spiked past the $170 area, as well as above the 50% Fibonacci correction level of the fall from $181 swing high to $160 low.
A look at the same chart shows that its current performance is at levels above $165 as well as above the 100 hourly SMA. The next barrier level is close to $170, and the immediate key barrier level is close to $171. If SOL successfully closes past the barrier level at $172, the bulls may be able to pave the way for a more significant upside move.
The immediate major barrier level is close to $176 or the 76.4% Fibonacci correction level of the fall from $181 swing high to $160 low. If there are any additional gains, the bulls may be able to push SOL towards $180.
On the other hand, the failure of the bulls to push SOL clearly past the barrier level at $172 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $167.
The initial key support level is close to $165 and a move beneath it may empower the bears to bring about a visit to $160. If SOL closes beneath the support level at $160, the bears may be able to pave the way for a fall towards the support level at $150 over the coming few sessions.
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