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BTC$63696
ETH$3322
BNB$605
XRP$0.52
Can Solana Break Through the $170 Golden Ratio Resistance Level? Solana is nearing the golden ratio resistance level (around $170), needing only to cover approximately 10.6% more ground. Breaking through this pivotal level could initiate a new bullish cycle for Solana and potentially lead to a retest of its historical peak around $260.
Moreover, the Moving Average Convergence Divergence (MACD) histogram on the monthly candlestick chart is trending upwards, with a bullish MACD line crossover and the Relative Strength Index (RSI) in the overbought territory. Notably, there are currently no signs of bearish divergence or other bearish signals.
Solana’s Weekly Chart: Strong Bullish Momentum Continues On the weekly chart, Solana predominantly exhibits bullish signals. The MACD histogram has been on an upward trend since last week, with a bullish MACD line crossover. However, the RSI is in the overbought zone, which may indicate a potential bearish divergence.
Should Solana face a bearish rejection at the golden ratio level of around $170, it could find support at approximately $99 and $60, with the 50-week Exponential Moving Average (EMA) providing additional support around $66.3.
Solana’s Daily Chart: MACD Shows Bearish Signals On the daily chart, while Solana displays bullish signals, there are also some bearish indicators. Although the MACD line remains in a bullish crossover, the MACD histogram has been trending downwards.
Additionally, the RSI is in the overbought zone. However, the EMA’s golden cross indicates a mid to short-term bullish trend.
Solana’s 4-Hour Candlestick Chart: Mixed Indicator Signals In Solana’s 4-hour candlestick chart, the indicators present a mixed picture. While the MACD histogram trends lower and the MACD line shows a bearish crossover, the RSI remains neutral.
Nevertheless, the EMA’s golden cross suggests a short-term bullish trend.
Solana Finds Strong Support Against Bitcoin at the 0.382 Fib Level Relative to BTC, Solana’s price continues to find significant Fibonacci support near 0.00198 BTC, which has been successful so far. If Solana bounces back from this level, the golden ratio target could be around 0.003 BTC.
Otherwise, the next significant support level is around 0.0014 BTC. On the monthly chart, indicators remain bullish, with the MACD histogram trending upwards, a bullish MACD line crossover, and the RSI in a neutral zone.
Sentiment: Positive
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