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15/07/24
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Technical Outlook on the Performance of Solana (SOL)
The chart of SOL/USD shows that the bulls were able to initiate a new upside move past the crucial level of $125. They provided momentum and there was a push past two barrier levels, including $132 and $135.
The bulls were able to clear the barrier level at $145, pushing SOL past the barrier level at $150. SOL was able to reach levels as high as $152.05 prior to initiating the current consolidation of gains. The current performance of SOL is at levels above 23.6% Fibonacci correction level of the upswing from $134 swing low to $152 high.
A look at its 1-hour chart shows that its current performance is at levels above $145, as well as above the 100 SMA. The same chart shows the formation of a connecting bullish trend line with a support level at $147.
SOL may encounter a barrier level close to $152 on its way upwards. The immediate key barrier level exists close to $155. If SOL successfully closes past the barrier level at $155, the bulls may be able to pave the way for a fresh steady upside move. The immediate major barrier level is close to $165. If there are any additional gains, the bulls may push SOL towards $172.
On the other hand, the failure of the bulls to push SOL past the barrier level at $152 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $150. The initial key support level is close to $147, as well as near the trend line.
If SOL breaks beneath $147, the bears may be able to pull it towards $143 or the 50% Fibonacci correction level of the rise from $134 swing low to $152 high. If SOL closes beneath the support level at $143, the bears may be able to pave the way for a fall towards the support level at $138 over the coming few sessions.
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