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28/06/24
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Technical Outlook on the Performance of Solana (SOL)
The chart of SOL/USD shows the formation of a base at price levels above $125 prior to the bulls initiating a new upside move. SOL was able to break numerous barrier levels close to $135 and $140 for entry into a positive area. The price of SOL increased by more than 10 percent, as the bulls pushed it clearly past the barrier level at $145.
SOL hit levels as high as $150.93 prior to initiating the current consolidation of gains. Likewise, its current performance is at levels close to the 23.6% Fibonacci correction level of the upswing from $135 swing low to $151 high.
A look at its 1-hour chart shows that its current performance is solidly above $142, as well as above the 100 hourly SMA. The same chart shows the formation of a connecting bullish trend line with a support level at $142. Likewise, the trend line is near to 50% Fibonacci correction level of the upswing from $135 swing low to $151 high.
The ability of the bulls to initiate a new move to the upside may lead to the barrier level close to $150. The immediate key barrier level is close to $152. If SOL successfully closes past the barrier level at $152, the bulls may be able to pave the way for a fresh steady upside move. If there are any additional gains, they may push SOL toward $175.
On the other hand, the failure of the bulls to push SOL clearly past the barrier level at $152 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $145.
The initial key support level is close to $142 as well as near the trend line. A move beneath this support level may prompt a visit to $140. If SOL closes beneath the support level at $140, the bears may be able to pull it towards the support level at $128 over the coming few sessions.
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