Skip to main content

Solana’s Next Move: Breakout Coming?

Solana (SOL) is currently trading at $196, just below the EMA50 on the 4-hour chart. Recently, Solana dropped to $168 during the market crash but rebounded quickly, showing that buyers are still strong and active.

Solana Chart (Source TradingView)

At the moment, Solana has a support level at $190 and a resistance level at $205. These two price zones are very important for the next market move. If Solana stays above $190 and manages to break above $205, the price could rise quickly toward $220.

RSI (Source TradingView)

RSI: Buyers Gaining Control

Looking at the RSI (Relative Strength Index) on the 4-hour chart, it is positive. This means that buyers are slowly gaining control of the market. When RSI moves up, it usually shows that momentum is building and the selling pressure is getting weaker.

MACD (Source TradingView)

MACD: Positive Signal Ahead

The MACD (Moving Average Convergence Divergence) on the 4-hour chart is also giving a positive signal. This indicator often shows changes in market momentum before they appear in the price. The current MACD signal suggests that Solana could soon break above the $205 resistance, leading to a move toward $220 and above.

Technical View

Overall, Solana looks strong after recovering from $168. The quick rebound shows confidence among buyers, and the positive signs from both the RSI and MACD confirm this momentum. As long as Solana stays above $190, the short-term trend remains bullish.

If Solana breaks and closes above $205, it may start a new upward move targeting $220, and possibly even higher levels later.

Conclusion

Solana is showing signs of recovery and strength after the recent drop. With support at $190 and resistance at $205, traders should watch these levels closely. The RSI and MACD both support a bullish outlook, meaning Solana might be getting ready for its next breakout move toward $220.

(Not A Financial Advice)

___________________________________________________________________________________

Get Daily Crypto Updates & Trade Signals!

 Join our free Telegram channels for:

✅ Market updates

✅ Spot & Futures signals

Join now: 👇

Telegram:

https://t.me/CryptoTimely


Comments

Post a Comment

Popular post

Why Is Bitcoin Going Up? BTC Hits $97K After Buy Signal

Bitcoin (BTC) is going up, reaching $97,000 on January 14, 2025. It dropped below $90,000 on Monday, which worried some people. The price is rising because of a strong buy signal at $92,000. Experts think Bitcoin could reach $103,000 or even its highest price of $108,000 soon. Could Bitcoin reach $1 million? Some say it’s possible, but others think it will stay lower in 2025. 
Post a Comment
Read more

Bitcoin Price Analysis: Key Support and Resistance Levels to Watch

 Bitcoin (BTC) is currently trading around $90,800 after facing a strong rejection near the $94,800 resistance zone. The recent pullback suggests increasing sell pressure as the market cools down from overbought conditions. BTC Chart (Source TradingView) From a technical perspective, momentum indicators are showing weakness. The MACD has turned negative , signaling a possible short-term bearish trend, while the RSI is moving lower , indicating that bears are gaining control. These signals suggest caution for traders in the near term. However, Bitcoin is approaching a critical support level at $90,288 , which remains a strong demand zone. If this support holds, BTC could see a rebound and make another attempt to break above the $94,800 resistance . A successful breakout above this level may open the door for further upside momentum. On the downside, if Bitcoin fails to hold the $90,288 support , selling pressure could intensify, pushing the price toward the $88,000 support zone ...
Post a Comment
Read more