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Solana (SOL) Aims for $200 Retest: Is Momentum Building?

Sergio Gruber by Sergio Gruber
October 29, 2024
in Crypto, News
Reading Time: 2 mins read
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Solana (SOL) Aims for $200 Retest: Is Momentum Building?
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Solana has embarked on a promising upward trajectory, breaking past the crucial $165 resistance zone. Currently, SOL is trading well above $175, with eyes set on surpassing the $185 mark. This article delves into the technical aspects of Solana’s price movement, exploring potential upsides and possible downside corrections.

Key Highlights of Solana’s Price Movement

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  • Solana’s price is exhibiting bullish signs from the $165 support zone against the US Dollar.
  • The price is currently positioned above $172, as well as the 100-hour simple moving average.
  • A significant breakthrough occurred above a bearish trend line, with resistance near the $177 mark on the hourly SOL/USD chart (data sourced from Kraken).
  • If the pair exceeds the $182 resistance, it might gain bullish momentum, potentially revisiting the $200 mark.

Solana Price Eyes Further Upsides

Solana’s price established a strong base above the $160 level, initiating a fresh surge similar to that of Bitcoin and Ethereum. This upward movement was marked by a successful breach of the $165 and $170 resistance levels, with bullish forces pushing the price beyond $175.

On the hourly SOL/USD chart, a critical bearish trend line was surpassed with resistance at $177. The pair even tested the $182 level and is currently consolidating its gains above the 23.6% Fibonacci retracement level, from the upward swing low of $172.35 to the high of $182.10.

At present, Solana trades above $172 and maintains a position above the 100-hour simple moving average. Resistance is anticipated near $182, with the subsequent major resistance situated around $185. A decisive close above both $185 and $188 could pave the way for a continued upward trend, targeting the next key resistance at $195. Further gains might propel the price toward the $200 threshold.

Potential Downside Correction for SOL

Should Solana struggle to surpass the $182 resistance level, a downside correction may ensue. Initial support on this downward path is expected near the $180 mark, with a more significant support level around $176, which aligns with the 61.8% Fibonacci retracement level of the recent upward movement from $172.35 to $182.10.

A breach below $176 could drive the price toward the $172 zone. If the price closes below this $172 support, a further decline toward the $165 support could be anticipated in the near term.

Technical Indicators

  • Hourly MACD: The MACD for SOL/USD is gaining momentum within the bullish zone, indicating positive sentiment.
  • Hourly RSI (Relative Strength Index): The RSI for SOL/USD is positioned above the 50 level, suggesting a healthy bullish trend.
  • Major Support Levels: $178 and $176 are key support levels to watch in case of a downside movement.
  • Major Resistance Levels: $182 and $185 are significant resistance levels that could determine the future upward trajectory.

In conclusion, Solana’s current price action suggests a potential for further gains, provided key resistance levels are breached. However, traders should remain vigilant for any signs of a downside correction and be prepared to react accordingly. By staying informed about Solana’s technical indicators and market trends, investors can make more strategic decisions in navigating this volatile market.

Tags: SolSolanasolbtcSOLUSDSOLUSDT
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Sergio Gruber

Sergio Gruber

Financial writer Hello, my name is Sergio Gruber and I am a finance editor with a specialization in blockchain and cryptocurrency. I have a deep understanding of how the financial world is being transformed by these exciting technologies.I received my degree in Finance Editing from Western Washington University, where I learned how to combine my passion for writing and financial analysis. Since then, I have worked with a number of high-profile publications, helping to educate and inform readers about the latest developments in the world of blockchain and cryptocurrency.

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