based on materials from the site -
By Yellow News
Solana has recovered from the support level of $162 and is now trading above $165, preparing for a potential breakout of the critical resistance zone at $172. The cryptocurrency is facing immediate resistance at the $170 level, while technical indicators show mixed signals as bulls attempt to maintain upward momentum.
What you need to know:
Solana has recovered from the support level of $162 and is now trading above $165 and the 100-hour moving average.
A "converging triangle" pattern has formed with resistance at the $168 level, creating a potential breakout scenario. Technical indicators show a decline in MACD momentum, while RSI remains above 50, indicating cautious optimism.
The cryptocurrency has formed a clear pattern after bouncing from the $162 zone. Solana has surpassed the $165 resistance level, entering a short-term zone that traders consider positive. This movement lifted the price above the 50% Fibonacci retracement level from the decline from $172 to $162.
Bears remain active near the $170 zone. The Fibonacci retracement level of 76.4% from the previous decline continues to act as resistance.
This level coincides with the formation of the "Converging Triangle" pattern, with resistance currently at the $168 level on hourly charts.
The 100-hour simple moving average is now providing support below current levels. The nearest resistance is at the $170 level, followed by a more significant level at $172. A successful breakout above $175 could trigger additional growth to $182, with the potential for further growth to $192.
Failure to overcome the $170 resistance may trigger a new phase of decline. Initial support on any pullback is likely to appear near $164. A more significant support level is at $162, marking the recent low from which the current recovery began.
A break below $162 will shift attention to the support zone at $152. Further declines below $150 may soon push prices down to $145.
Fibonacci retracement levels are technical analysis tools that determine potential support and resistance levels based on previous price movements. The mentioned 50% and 76.4% levels indicate potential buy or sell levels based on mathematical ratios.
A converging triangle is formed when price movements create converging trend lines. These formations typically precede significant price movements in either direction. MACD (Moving Average Convergence Divergence) measures momentum changes, while RSI (Relative Strength Index) indicates whether an asset is overbought or oversold.
The recovery of Solana from $162 has laid the foundation for potential further growth, but the cryptocurrency needs to overcome key resistance levels to maintain upward momentum. Technical patterns indicate the development of a breakout scenario, although ambiguous indicator readings require caution from traders.
#MarketRebound , #Сryptomarketnews
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