See More

Solana (SOL) Bulls Charge: Is a New All-Time High Price Next?

2 mins
Translated Ryan Boltman
Join our Trading Community on Telegram

In Brief

  • Solana (SOL) is nearing the golden ratio resistance at $170, with potential to retest its ATH of $260 if breached.
  • Bullish signals include MACD histogram uptrend on monthly chart and strong support against BTC at 0.382 Fib level.
  • However, bearish indicators such as potential rejection at $170 and bearish MACD on daily chart suggest mixed signals.
  • promo

The Solana (SOL) price appears poised to initiate a new bullish cycle, mirroring Bitcoin’s recent trajectory.

This raises the question: will Solana soon reach a new all-time high (ATH)?

Can Solana Break the Golden Ratio Resistance at $170?

Solana is nearing the golden ratio resistance at approximately $170, with only about a 10.6% gap to bridge. A breakthrough at this crucial level could begin a new bullish cycle for Solana, potentially leading it to retest its all-time high (ATH) of around $260.

Solana (SOL) Price Chart
Solana (SOL) Price Chart. Source: Tradingview

Additionally, the Moving Average Convergence Divergence (MACD) histogram indicates an upward trend on the monthly chart, with the MACD lines in a bullish cross and the Relative Strength Index (RSI) in overbought territory. Notably, there are no signs of bearish divergence or other bearish signals at this time.

Solana Weekly Chart: Strong Bullish Momentum Continues

In the weekly chart, Solana shows predominantly bullish signals. The MACD histogram has been trending higher since the previous week, with the MACD lines crossing bullishly. However, the RSI is overbought territory, potentially signaling a bearish divergence.

Solana Price Chart Tradingview
Solana (SOL) Price Chart. Source: Tradingview

If Solana faces bearish rejection at the golden ratio level around $170, it may find support at approximately $99 and $60, with the 50-week Exponential Moving Average (EMA) providing additional support at around $66.3.

Solana Daily Chart: MACD Showing Bearish Signal

In the daily chart, Solana displays some bearish signals alongside bullish ones. Although the MACD lines remain crossed bullishly, the MACD histogram has been trending lower in a bearish manner.

Solana Price Chart Tradingview
Solana (SOL) Price Chart. Source: Tradingview

Additionally, the RSI is in overbought territory. However, the golden crossover of the EMA suggests a bullish trend in the short to medium term.

Solana 4H Chart: Mixed Signals from Indicators

In Solana’s 4-hour chart, the indicators present a mixed picture. While the MACD histogram trends lower and the MACD lines are crossed bearishly, the RSI remains neutral.

Solana Price Chart Tradingview
Solana (SOL) Price Chart. Source: Tradingview

However, the golden crossover of the EMAs suggests a short-term bullish trend.

Solana Finds Strong Support Against Bitcoin at 0.382 Fib Level

Against BTC, Solana’s price continues to find significant Fibonacci support at around 0.00198 BTC, which has been successful thus far. If Solana bounces bullishly from this level, it could target the golden ratio at around 0.003 BTC.

SOL/BTC Price Chart.
SOL/BTC Price Chart. Source: Tradingview

Otherwise, the next significant support lies at around 0.0014 BTC. In the monthly chart, indicators remain bullish, with the MACD histogram trending upwards, MACD lines bullishly crossed, and the RSI in neutral territory.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Ryan-James.jpg
Ryan Boltman
Ryan Boltman is a managing editor at BeInCrypto, specializing in the crypto markets with a strong focus on technical and on-chain analysis across a broad spectrum of digital assets. His areas of expertise include Layer-1 and Layer-2 solutions, artificial intelligence (AI), real-world assets (RWA), decentralized finance (DeFi), decentralized physical infrastructure networks (DePIN), meme coins, and altcoins. Before his current role, Ryan contributed to Blockchain.com as a customer success...
READ FULL BIO
Sponsored
Sponsored