FxNews—Solana (SOL) trades at approximately $141. It bounced from the $135.0 resistance in today’s trading session. As of this writing, Solana Bulls are testing the 50-period simple moving average as resistance.
The 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.
Solana Technical Analysis – 11-October-2024
Despite the recent pull-back from the ascending trendline (the $135.0 mark), the primary trend should be considered bearish because Solana’s price is below the 100-period simple moving average.
However, the Awesome oscillator histogram turned green and approached the signal line from below, indicating that the bull market strengthens.
- The Stochastic oscillator stepped outside the oversold area, demonstrating bullish momentum in the market.
- The RSI 14 depicts 49 in the description, about to flip above the median line, meaning the bear market weakens.
Overall, the technical indicators suggest the primary trend is bearish, but the SOL/USD rate has the potential to grow.
Solana Price Forecast – 11-October-2024
Currently, the price stabilizes above the $140.0 mark, the September 14 high. This was immediate resistance, which is active minor support now. That said, the immediate support is intact at $135, the October 3 lowest close price.
From a technical perspective, the current uptick momentum should extend to the 100-period SMA at $149.0, further backed by the descending trendline, if the ADA/USD rate holds above $135.0.
Please note that the bullish strategy should be invalidated if the price dips below the $135.0 mark.
Solana Bearish Scenario
If bears (sellers) push Solana below the $135.0 mark, the bearish wave from $153.0 will likely extend to the September 18 low at $127.0. Be advised the bear market should be invalidated if the price exceeds the 100-period simple moving average.
Solana Support and Resistance Levels – 11-October-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: $135.0 / $127.0
- Resistance: $149.0 / $153.0
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
