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22/07/24
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Technical Outlook on the Performance of Solana (SOL)
The chart of SOL/USD shows that traders ensured sustenance within a positive area above $150 and the bulls were able to push it above $155. The bulls initiated a new upside move above two barrier levels, including $162 and $165, prompting a performance better than BTC and ETH.
The bulls pushed SOL past $180 and recorded an over 5 percent increase in price with a visit to the barrier level at $185. SOL was able to reach levels as high as $185.11 prior to the current consolidation of gains close to the 23.6% Fibonacci correction level of the upswing from $170.58 swing low to $185.11 high.
A look at its 1-hour chart shows its current performance is at levels above $180, as well as above the 100 hourly SMA. The same chart shows the formation of a major bullish trend line with a support level at $176.
Likewise, it is near the 61.8% Fibonacci correction level of the upswing from $170.58 swing low to $185.11 high. SOL may encounter a barrier level close to $185 on the way upwards. The immediate key barrier level is close to $188.
If XRP successfully closes past the barrier level at $188, the bulls may be able to pave the way for a steady upside move. The immediate major barrier level exists close to $192. If there are any additional gains, the bulls may be able to pull SOL towards $200.
On the other hand, the failure of the bulls to push SOL above the barrier level at $185 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $180. The initial key support level is close to $176, as well as near the trend line.
If SOL breaks beneath $176, the bears may be able to pull it toward $168. If it closes beneath the support level at $168, the bears may bring about more downside moves towards the support level at $155 over the coming few sessions.
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