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19/07/24
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Technical Outlook on the Performance of Solana (SOL)
The chart of SOL/USD shows that the bulls ensured sustenance within a positive area above $145. They were able to push SOL higher above $150, prompting the formation of a base with a focus on more upside moves.
SOL was pushed past $158, followed by a move past the 50% Fibonacci correction level of the latest downside move from $164.9 swing high to $154.85 low. A look at its 1-hour chart shows the formation of a major bullish trend line with a support level at $159.
A look at its 1-hour chart shows that its current performance is at levels above $158, as well as above the 100 SMA. SOL may encounter a barrier level close to $162.5 on its way upward. Likewise, it is near the 76.4% Fibonacci correction level of the latest downside move from $164.9 swing high to $154.85 low.
The immediate key barrier level is close to $165. The ability of SOL to successfully close above the barrier level at $165 may influence the bulls to pave the way for a fresh steady upside move. The immediate major barrier level is close to $172. 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 past the barrier level at $162.5 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $160, while the initial key support level is close to $158, as well as near the trend line.
If SOL breaks beneath $158, the bears may be able to pull it towards $155. If it closes beneath the support level at $155, the bears may be able to bring about a fall towards the support level at $150 over the coming few sessions.
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