ThanTaiCrypto
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Quick update $SOL on May 24
Support Levels
• $170: The nearest support level, has been tested multiple times recently. Maintaining this level is essential to sustain the upward trend.
• $162: The next support level if the price drops below $170.
• $153 – $143: Strong support zone, has been tested multiple times in the past. Maintaining this zone is important to avoid a deeper downward trend.
🔺 Resistance Levels
• $180 – $184: The nearest resistance zone that SOL needs to surpass to continue the upward trend.
• $188: The next resistance level after the $180 – $184 zone.
• $195: The next important resistance level after $188.
• $200 – $210: Strong resistance zone, where SOL has been rejected in previous attempts. Surpassing this zone could lead to significant increases.
📈 Technical Indicators
• RSI Indicator: Currently around 62 on the 4-hour chart, indicating buying pressure is increasing but has not yet entered the overbought territory.
• MACD: Has crossed above the signal line, signaling an increase in bullish momentum.
• Uptrend channel pattern: SOL has been trading within an uptrend channel since April, indicating the upward trend is still maintained.
✅ Conclusion
Solana is currently trading at ~$176, close to the important resistance level of $180 – $184. Surpassing this level with increased trading volume could pave the way for SOL to reach higher levels such as $195, $200, and even $210 in the short term.
However, if it fails to break through this resistance, SOL may retrace to test the support levels at $170 and $162.
This is a personal opinion and not investment advice. Readers should consider this information.
Crypto God of Wealth
Support Levels
• $170: The nearest support level, has been tested multiple times recently. Maintaining this level is essential to sustain the upward trend.
• $162: The next support level if the price drops below $170.
• $153 – $143: Strong support zone, has been tested multiple times in the past. Maintaining this zone is important to avoid a deeper downward trend.
🔺 Resistance Levels
• $180 – $184: The nearest resistance zone that SOL needs to surpass to continue the upward trend.
• $188: The next resistance level after the $180 – $184 zone.
• $195: The next important resistance level after $188.
• $200 – $210: Strong resistance zone, where SOL has been rejected in previous attempts. Surpassing this zone could lead to significant increases.
📈 Technical Indicators
• RSI Indicator: Currently around 62 on the 4-hour chart, indicating buying pressure is increasing but has not yet entered the overbought territory.
• MACD: Has crossed above the signal line, signaling an increase in bullish momentum.
• Uptrend channel pattern: SOL has been trading within an uptrend channel since April, indicating the upward trend is still maintained.
✅ Conclusion
Solana is currently trading at ~$176, close to the important resistance level of $180 – $184. Surpassing this level with increased trading volume could pave the way for SOL to reach higher levels such as $195, $200, and even $210 in the short term.
However, if it fails to break through this resistance, SOL may retrace to test the support levels at $170 and $162.
This is a personal opinion and not investment advice. Readers should consider this information.
Crypto God of Wealth
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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