Solana price breaks important golden ratio resistance - what comes next?

Solana price breaks important golden ratio resistance - what comes next?

According to a report from de.beincrypto.com, the Solana price was able to break through the last resistance and has now reached an important golden ratio resistance. Analysts are now speculating about the possible impact on the market and the financial industry.

The SOL price has successfully overcome the golden ratio resistance at around USD 27 and has continued to rise. It is currently hovering around the golden ratio at around USD 33. In July, the price was bearishly rejected at this resistance but returned to golden ratio support at around $17. Since then, Solana has been in a strong upward movement.

Additionally, the EMAs have formed a golden crossover, confirming the short to medium term trend. The MACD lines in the daily chart are also crossed bullishly. However, the MACD histogram is ticking bearishly lower for the third day in a row and the RSI is in overbought regions. There is also a bearish divergence. If the price initiates a correction, the next significant Fibonacci supports can be found at around USD 25.9 and USD 20.5.

In the 4H chart, the RSI also shows a bearish divergence and there is a possibility of a bearish rejection at the Golden Ratio resistance at around $33. The MACD lines are bearishly crossed here, the MACD histogram switches back and forth between bullish and bearish movements. Nevertheless, there is also a golden crossover here, which confirms the short-term bullish trend.

The SOL price has already overcome the 50-week EMA resistance at around USD 26.7, which is a very bullish sign. This now acts as support. The MACD histogram in the weekly chart has been ticking bullishly higher for two weeks and the MACD lines have crossed bullishly. The RSI is moving in neutral territory. Should Solana break the Golden Ratio resistance at around $33, we can expect further significant Fibonacci resistance at around $59. Otherwise, another significant Fib resistance lies around $92.

The Solana price has already increased by around 62% this month. The MACD histogram has been ticking bullishly higher for several months and the MACD lines are about to make a bullish crossover. The RSI is moving in neutral territory.

Against Bitcoin, the SOL price has reached the 0.382 Fib resistance at around 0.00099 BTC. If this resistance is successfully broken, the next significant Fib resistance could be around 0.0013 BTC. The MACD histogram has been ticking bullishly higher for several months and the MACD lines could soon be crossed bullishly. The RSI continues to move in neutral territory.

These developments show that the Solana price is currently on a bullish path, but also shows some bearish signals. It remains to be seen whether the price can break the Golden Ratio resistance at around USD 33 and what impact this will have on the market and the financial industry.

Source: According to a report from de.beincrypto.com