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Home»BITCOIN NEWS»Will the rally trigger a surge?
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Will the rally trigger a surge?

By Crypto FlexsMay 28, 20242 Mins Read
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Will the rally trigger a surge?
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Solana found support near $160. SOL price is rising slowly and could gain bullish momentum if it breaks out of the $172 resistance area.

  • SOL price adjusted lower and tested the $160 support zone against the US dollar.
  • The price is currently trading above $165 and the 100-hour simple moving average.
  • On the hourly chart of the SOL/USD pair (data source from Kraken), a breakout occurred above the main bearish trend line with resistance at $164.
  • Failure to hold above $165 could lead to removal of the $172 resistance level.

Solana price may gain momentum

Solana price formed a support base near $160 and began a recovery. SOL underperformed Bitcoin and Ethereum but broke the $165 resistance line.

On the hourly chart of the SOL/USD pair, a breakout occurred above the main bearish trend line with resistance at $164. There was also a spike above the $170 area and the 50% Fib retracement level with a downward move from the $181 swing high to the $160 low.

Solana price is currently trading above $165 and the 100-hour simple moving average. Immediate resistance is near the $170 level. The next major resistance is near the $171 level. A successful close above the $172 resistance could set the pace for another big rally.

Source: SOLUSD on TradingView.com

The next major resistance is the 76.4% Fib retracement level near $176 or a downside move from the $181 swing high to the $160 low. If more profits are made, the price may drop to the $180 level.

Are Dips supported in SOL?

If SOL fails to rebound above the $172 resistance, it could begin another downtrend. Initial support for the downside is near the $167 level.

The first major support is near the $165 level, below which the price may test $160. If the price closes below the $160 support, the price may decline towards the $150 support in the near term.

technical indicators

Hourly MACD – The MACD for SOL/USD is losing speed in bullish territory.

Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Key support levels – $165 and $160.

Key resistance levels – $170, $172, $180.

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