Solana Technical Analysis / Crypto Market Analysis

Solana Technical Analysis – 26-September-2024

FxNews—Solana trades in an uptrend at approximately $150.7. Yesterday, the SOL/USD failed to stabilize below the $149 support, and as a result, the uptick momentum resumed.

The 4-hour chart below demonstrates the price, support, and resistance levels and the technical indicators utilized in today’s analysis.

The main trend is bullish because the Solana price is above the 50- and 100-period simple moving averages. However, the Awesome oscillator signals divergence, meaning the trend has the potential to reverse or consolidate near the lower support levels.

The Stochastic oscillator declines, meaning selling pressure rises. On the other hand, the RSI 14 gives a mixed signal by bouncing from the median line.

Overall, the technical indicators suggest the primary trend is bullish, but Solana’s price has the potential to dip and test the lower support levels.

Solana Forecast – 26-September-2024

The immediate resistance rests at $153.0 (September 25 High). If the bears maintain their position below $153.0, the SOL/USD price will likely dip to $140.0 (September 23 Low).

The $140.0 support level coincides with the 100-period simple moving average, providing a decent and low-risk entry point into the bull market. Hence, traders and investors should monitor this supply zone meticulously.

Please note that the Solana bull market should be invalidated if the price falls below $140.0 or the 100-period simple moving average.

Also read: Cardano Analysis – 25-September-2024

Conversely, the bullish wave will likely resume if bulls (buyers) cross and stabilize the Solana price above the immediate resistance at $153. In this scenario, the next target could be the August 25 high at $162.0.

Solana Support and Resistance Levels – 24-September-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: $140 / $135.0 / $127.0 / $120.0
Resistance: $153.0 / $162.0