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

October 29, 2024
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Solana began a gradual improve above the $165 resistance zone. SOL value is buying and selling properly above $175 and aiming for extra beneficial properties above $185.

SOL value is exhibiting constructive indicators from the $165 help zone towards the US Greenback.
The worth is now buying and selling above $172 and the 100-hourly easy shifting common.
There was a break above a key bearish development line with resistance at $177 on the hourly chart of the SOL/USD pair (information supply from Kraken).
The pair might achieve bullish momentum to retest $200 if it clears the $182 resistance.

Solana Worth Eyes Extra Upsides

Solana value shaped a base above the $160 stage and began a recent improve like Bitcoin and Ethereum. There was an honest transfer above the $165 and $170 resistance ranges. The bulls even pumped the worth above $175.

There was a break above a key bearish development line with resistance at $177 on the hourly chart of the SOL/USD pair. The pair even examined $182 and it at the moment consolidating beneficial properties above the 23.6% Fib retracement stage of the upward transfer from the $172.35 swing low to the $182.10 excessive.

Solana is now buying and selling above $172 and the 100-hourly easy shifting common. On the upside, the worth is going through resistance close to the $182 stage. The subsequent main resistance is close to the $185 stage.

The principle resistance could possibly be $188. A profitable shut above the $185 and $188 resistance ranges might set the tempo for an additional regular improve. The subsequent key resistance is $195. Any extra beneficial properties may ship the worth towards the $200 stage.

Draw back Correction in SOL?

If SOL fails to rise above the $182 resistance, it might begin a draw back correction. Preliminary help on the draw back is close to the $180 stage. The primary main help is close to the $176 stage or the 61.8% Fib retracement stage of the upward transfer from the $172.35 swing low to the $182.10 excessive.

A break beneath the $176 stage may ship the worth towards the $172 zone. If there’s a shut beneath the $172 help, the worth might decline towards the $165 help within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

Hourly Hours RSI (Relative Energy Index) – The RSI for SOL/USD is above the 50 stage.

Main Help Ranges – $1878 and $176.

Main Resistance Ranges – $182 and $185.



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Tags: AimsbuildingMomentumRetestSOLSolana
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