Solana (SOL) Hits Resistance at $177: Is the Top In for Now?

Since a local bottom on 2 August, the $SOL price has moved up around 14%. Is this the top for now? What’s next for the $SOL price?

$SOL price rejection at strong resistance?

Source: TradingView

The short-term price chart for $SOL shows that this current upward impulse has been strong enough to break through the descending trendline. However, the price has come up against the horizontal resistance at $177 where it has been rejected. 

There is still the possibility that the bulls could still break through this resistance, but with all short-term Stochastic RSI indicators topped out, upward price momentum could be about to falter.

Daily time frame still bullish

Source: TradingView

The daily time frame might appear to contradict the picture of the 4-hour time frame. Here, the Stochastic RSI indicators are pointing upwards, and the MACD reveals that the blue indicator line is shaping to cross back over the red signal line. Also, the histogram bars look as though they might be about to turn green. 

In addition it can be seen that the breakout above the descending trendline in the price action is relatively recent, and therefore more upside might be expected.

Weekly chart confirms strong resistances 

Source: TradingView

The weekly view illustrates that the price has come up against solid resistance. However, the MACD looks quite bullish on this higher time frame. At the bottom of the chart, the RSI is showing that the indicator line is still following the downtrend. A breakout here is needed.

Conclusion

It may well be that the $SOL price could be stopped for a period at the $177 resistance. However, that is still not decided. If the price does come back down, it may well give the Stochastic RSIs time to reset. When all is said and done, this is still a strong uptrend from $SOL, and the series of higher highs and higher lows looks as though it can continue.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.