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16/05/24
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Technical Outlook on the Performance of Solana (SOL)
The activities of the bears led to the formation of a support base close to $138 prior to the bulls initiating a new move to the upside. The chart of SOL/USD shows a performance better than BTC and ETH as the bulls pushed SOL into a positive area past $150.
A look at the 4-hour chart for SOL/USD shows that it broke past a major declining trend line with a barrier level at $148. The bulls pushed it clearly past the barrier level at $135 and there was a spike past $162. SOL was able to form a fresh weekly high at $163.76 prior to initiating the current consolidation of gains.
The same chart shows that SOL is sustaining the 23.6% Fibonacci correction level of the upswing from $141 swing low to $164 high. Its current performance is at levels above $160 as well as above the 100 SMA.
The next barrier level is close to $165, and the immediate key barrier level is close to $172. 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 $180. If there are any additional gains, SOL may be pushed toward $188.
On the other hand, the failure of the bulls to push SOL clearly past the barrier level at $160 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $158. Likewise, the initial key support level is close to $152.
SOL’s chart shows that the 50% Fibonacci correction level of the move to the upside from $141 swing low to $164 high is likewise at $152. A move beneath that level may bring about a visit to $150. If SOL closes beneath the support level at $150, the bears may be able to pull it towards the support level at $138 over the coming few sessions.
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