In recent days, Solana experienced a significant surge surpassing the $60 threshold, as SOL demonstrated bullish strength following its consolidation above $60, outpacing both Bitcoin and Ethereum.
The bullish momentum even propelled the price above $65, reaching a peak around $68.16, but subsequently underwent a corrective phase. This correction led to a dip below $60, testing the $52 mark, with a bottom formed near $51.23. Currently, the price is consolidating within a certain range.
related: SOL’s $60 Hurdle: Despite a 2.36% Rise to $58.21, Bulls Face Resistance
The 4-hour chart of the SOL/USD pair reveals a break below a short-term ascending channel with support around $58.00. As of now, SOL is trading below $60 and the 100 simple moving average (4 hours).
Looking at potential upward movements, immediate resistance is observed near the $59.50 level, approximately corresponding to the 50% Fibonacci retracement level of the downward movement from the $68.16 peak to the $51.23 low. The primary hurdle lies at the $60.00 level.
The primary resistance to overcome is situated at $62 or the 61.8% Fibonacci retracement level from the high of $68.16 to the low of $51.23. A successful breach above the $62.00 resistance could pave the way for a more substantial uptrend, with the subsequent crucial resistance around $68.50. Further upward momentum might propel the price toward the $72.00 level.
related: Is Solana (SOL) Poised to Lead the Bull Market?
However, in the event that SOL fails to reclaim the $60.00 resistance, it may continue its descent. Initial support on the downside is anticipated near the $55.00 level. The first significant support is around $51.20, and a breach below this level could lead to a test of $50. A close below the $50 support might result in a decline toward the $45 support in the short term.
MetricValueRecent High$68.16Recent Low$51.23Current PriceTrading below $60Moving Average (4 hours)Below 100 SMAImmediate Resistance$59.50Key Resistance Levels$60.00, $62.00, $68.50, $72.00Fibonacci Retracement Levels50% and 61.8%Downside Support Levels$55.00, $51.20, $50.00, $45.00 |
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