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26/08/24
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Solana Eyes Continued Surge: Breaking Resistance at $162 is Key
Solana has recently shown significant upward momentum, successfully moving past the $150 resistance level, and is now eyeing a potential rally should it surpass the $162 level. This increase in price indicates a robust bullish trend for SOL, which is currently trading above both the $155 level and the 100-hourly simple moving average.
The SOL/USD pair has established a key bullish trend line, with support resting at $158 on the hourly chart. Following its ascent through $155 and $160, the price climbed to a peak of $162 before entering a phase of consolidation. A minor correction did occur as the price briefly retreated below the $160 level, however, it managed to hold above the 23.6% Fibonacci retracement level calculated from the recent swing low of $138 to the swing high of $162.
Looking ahead, the immediate challenge for Solana’s price is to break through the $162 resistance. Should it clear this barrier and subsequently the $165 resistance, it could pave the way for a continued upward trajectory, potentially reaching the next significant resistance levels at $178 and $184.
Conversely, if Solana does not manage to recover past the $162 resistance, it may face a downward correction. In such a scenario, initial support can be found at the $158 level, followed by stronger support at $155. A drop below $155 risks pushing the price down towards $148, or even the 61.8% Fibonacci retracement level. Should it close under the $148 support, further declines toward the $135 level might be expected.
Technically, indicators show a favorable outlook, with the MACD suggesting increasing bullish momentum and the RSI remaining above the neutral mark of 50, indicating continued buyer interest. Overall, market dynamics signal a critical juncture for Solana as it navigates resistance and support levels in the coming sessions.
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