SOL Tests Key Resistance as Bullish Momentum Builds on 1-Hour Ch
2024-11-05

BINANCE:SOLUSDT  is showing promising upward momentum, currently trading at $160.25. As it approaches critical resistance at $160.8, traders should stay alert to technical indicators for potential entry and exit points.
Key resistance levels to watch are $160.8, $163.26, and $164.14, while support levels sit at $158.92, $158.12, and $155.37. A breakthrough above $160.8 could signal further gains, but rejection may lead to a test of support.
The 9 EMA is indicating short-term bullishness, while the 20 EMA suggests the broader trend is still in transition. The MACD shows signs of reduced bearish pressure, and the RSI is climbing, hinting at a potential bullish reversal.
Traders might consider a long position if SOL breaks above $160.8, targeting $163.26 and $164.14. Conversely, a rejection could lead to short opportunities towards support levels.
