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09/07/24
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Technical Outlook on the Performance of Solana (SOL)
The chart of SOL/USD shows that the activity of traders prompted sustenance at price levels above $120. The formation of a base at levels above $128 preceded the initiation of a modest upside move in recent times. The modest recovery wave produced a performance better than BTC and ETH over the past two sessions.
The bulls pushed SOL past two barrier levels, including $132 and $135. SOL was able to move clearly above the 61.8% Fibonacci correction level of the fall from $144.15 swing high to $127.88 low.
A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level at $136. The same chart shows that its current performance is at levels above $135, as well as above the 100 hourly SMA. There is a current attempt to close above the 76.4% Fibonacci correction level of the fall from $144.15 swing high to $127.88 low.
SOL may encounter a barrier level close to $144 on its way upwards. The immediate key barrier level is close to $150. If SOL successfully closes past the barrier level at $150, the bulls may be able to pave the way for a new steady upside move. The immediate key barrier level is close to $155. If there are any additional gains, the bulls may be able to push SOL towards $162.
On the other hand, the failure of the bulls to push SOL clearly past the barrier level at $144 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $136, as well as near the 100 hourly SMA.
The initial key support level is close to $128 and a move beneath it may bring about a visit to $120. If SOL closes beneath the support level at $120, the bears may be able to bring about a downside move towards the support level at $112 over the coming few sessions.
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