Solana's SOL has been maintaining its momentum above the critical $65 support level, igniting a new upward trajectory. The cryptocurrency is now preparing for a possible ascent beyond the resistance levels of $75 and $80.
SOL recently embarked on a fresh rally, surpassing the $68 resistance, signalling a bullish turn against the US Dollar.
Currently, the price hovers above $68 and the 100 simple moving average (4 hours). A significant bullish trend line has formed, providing support near $65.50 on the 4-hour SOL/USD chart.
The pair has climbed nearly 10%, with signs pointing towards further gains past the $75 resistance zone.
Image: Bitget
Solana, akin to Bitcoin and Ethereum, experienced a recent pullback from the $77.75 area. Despite dipping below $75 and $70 support levels, the bulls remained active above $65.
A base was established near $63.78, from which SOL is now rallying. It has overcome the $68 and $70 resistance levels, posting a near 10% increase.
The recovery included crossing the 50% Fib retracement level of the recent decline from the $77.72 high to the $63.78 low.
SOL's current position above $68 and the 100 simple moving average is promising. The bullish trend line on the SOL/USD pair's 4-hour chart further reinforces this outlook.
Looking upwards, the immediate resistance lies near $72.40, close to the 61.8% Fib retracement of the recent drop.
Image: TradingView
The primary resistance is around the $75.00 mark. A decisive move above the $77.75 resistance could ignite a major rally.
The next critical resistance is positioned near $80.00, with potential to extend towards $85.00.
Conversely, if SOL struggles to break the $75.00 resistance, a downward correction might ensue. Initial support is found near $68.50.
The first major support is at the $65.50 trend line, with a further drop possibly leading to the $63.50 level. A close below this could see the price heading towards the $56.00 support zone.
4-Hours MACD – Gaining bullish momentum for SOL/USD.
4-Hours RSI – Above 50, indicating positive sentiment.
Key Support Levels – $68.50 and $65.50.
Key Resistance Levels – $72.40, $75.00, and $77.75.
Disclaimer: This article is for educational purposes and does not constitute financial advice. Readers should conduct their own research before making investment decisions.
The emergence of crypto has brought about significant changes across multiple industries, including gambling. But with perks like anonymity, faster transactions, and the likes, will crypto trading become a gambling addiction instead?
KikyoCoinshares' weekly report: $130M inflow in crypto products, US sees $135M inflow, Grayscale lowest outflow since Jan. Bitcoin gains $144M, Ethereum outflows due to ETF speculation. Altcoins mixed: Solana $5.9M inflow, Ethereum outflows. Regional trends: US $135M inflow, Germany $14.9M outflow.
EdmundIn his first interview since entering prison, America’s most famous prisoner, SBF lamented on his diet of rice and beans, while maintaining his innocence and playing the blame game.
CatherineFranklin Templeton expresses confidence in Solana's potential to become the third-largest cryptocurrency, citing resilience, developer efforts, and network effects. Expectations for continued growth and leadership in upcoming crypto trends underscored.
EdmundPantera Capital secures discounted Solana tokens, strengthens holdings. Positive momentum for Solana amid Pantera's strategic move.
Huang BoSlothana, a new meme coin on Solana, has raised over $10 million in its presale and aims for a $420 million market cap, reminiscent of BONK's success. With a humorous sloth mascot and strong social media presence, Slothana seeks to ride the wave of meme coin mania, potentially replicating BONK's explosive rise in the crypto market.
JoyIn light of the ongoing congestion on the Solana network, more than 75% of on-chain transactions have been experiencing failures, prompting users to migrate to Ethereum for smoother transfers.
KikyoSolana experienced a significant 319% surge in Q1 2024, driven by increased memecoin trading on decentralized platforms. Despite this, challenges like a decline in DEX volume and active validators pose risks. However, announcements of token airdrops and potential yield opportunities offer optimism for Solana's growth in Q2.
SanyaFTX's recent sell-off of a significant portion of its Solana tokens at a discounted rate marks a step towards repaying its customers amidst bankruptcy. Despite initial concerns, the market reaction remained stable, with SOL maintaining its value. However, uncertainties persist regarding the impact on Solana's future and the method of customer reimbursement.
Cheng YuanDespite the programme being shuttered five months ago, a significant $24 million remains staked in Lido for Solana.
KikyoAltcoin surge imminent: RSI analysis signals bullish run. Potential 10x increase projected, pending Bitcoin dominance decrease.
Xu LinRekt Builder's investigation reveals Ledger Live's covert user activity tracking, raising serious privacy concerns for Ledger hardware wallet users.
KikyoScammers exploit fake Ledger Live app on Microsoft Store, stealing over $760,000 worth of Bitcoin from unsuspecting users.
Hui XinNotable participants include zkSync, Solana, thirdweb, alongside well-known brands such as Google, Manchester United, and Hugo Boss.
SamanthaGBEX Token Staking is here! Globiance has announced that the highly anticipated Staking feature is now LIVE as of August ...
BitcoinistINTERNET CITY, DUBAI, Aug. 2, 2022 – LBank Exchange, a global digital asset trading platform, has listed Live Crypto Party ...
Bitcoinist
Google's threat analysis team attributed the attacks to a group of hackers recruited in a Russian-language forum to sell hacked YouTube channels to the highest bidder.
Cointelegraph