SOL Faces off With $130 Resistance and Could Soar to $138.55
The 4-hour closing prices for
SOLUSDT
have been on an upward trajectory, indicating strong buying pressure in the market. The 9 Exponential Moving Average (EMA) has consistently remained above the 20 EMA, indicating a bullish trend. This suggests that the short-term price momentum remains bullish, as the shorter EMA is above the longer EMA.
The Moving Average Convergence Divergence (MACD) indicator further supports the bullish sentiment. The MACD line has consistently remained above the signal line, with the histogram showing an increasing positive value. This indicates strengthening bullish momentum and suggests potential for further price appreciation.
The Relative Strength Index (RSI) for SOLUSDT has consistently stayed above the 50 mark, indicating bullish momentum. Although the RSI is currently in overbought territory, it suggests that the bullish trend is strong but may warrant caution as it could potentially lead to a pullback.
Considering the aforementioned analysis, traders should watch key support and resistance levels closely. The immediate support levels for the Solana price are at $118.87, followed by $108.65. On the upside, resistance levels to monitor include $130 and $138.55.
For long trades, entry points could be considered near the support levels mentioned above, with stop-loss orders placed below the support levels. Conversely, for short trades, entry points could be identified near the resistance levels, with stop-loss orders placed above the resistance levels.
SOLUSDT
have been on an upward trajectory, indicating strong buying pressure in the market. The 9 Exponential Moving Average (EMA) has consistently remained above the 20 EMA, indicating a bullish trend. This suggests that the short-term price momentum remains bullish, as the shorter EMA is above the longer EMA. The Moving Average Convergence Divergence (MACD) indicator further supports the bullish sentiment. The MACD line has consistently remained above the signal line, with the histogram showing an increasing positive value. This indicates strengthening bullish momentum and suggests potential for further price appreciation.
The Relative Strength Index (RSI) for SOLUSDT has consistently stayed above the 50 mark, indicating bullish momentum. Although the RSI is currently in overbought territory, it suggests that the bullish trend is strong but may warrant caution as it could potentially lead to a pullback.
Considering the aforementioned analysis, traders should watch key support and resistance levels closely. The immediate support levels for the Solana price are at $118.87, followed by $108.65. On the upside, resistance levels to monitor include $130 and $138.55.
For long trades, entry points could be considered near the support levels mentioned above, with stop-loss orders placed below the support levels. Conversely, for short trades, entry points could be identified near the resistance levels, with stop-loss orders placed above the resistance levels.