Solana started a fresh increase from the $140 support zone. SOL price is now consolidating and might climb further above the $154 resistance zone.
- SOL price started a fresh increase above the $142 and $145 levels against the US Dollar.
- The price is now trading above $150 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $149 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $154 resistance zone.
Solana Price Consolidates Gains
Solana price formed a base above the $140 support and started a fresh increase, similar to the movements observed in Bitcoin and Ethereum. SOL gained momentum to surpass the $142 and $145 resistance levels.
A notable break occurred above a key bearish trend line with resistance at $149 on the hourly chart of the SOL/USD pair, leading to a subsequent spike above the $150 zone. A high was recorded at $153.90, and the price is now in a consolidation phase.
The price retraced below $152 and tested the 23.6% Fibonacci retracement level of the upward move from the $140 swing low to the $154 high. Currently, Solana is trading above $150, with support from the 100-hourly simple moving average.
On the upside, the price faces initial resistance near the $152 level, with the next significant resistance level located around $154. The next potential hurdle may occur at $158. A successful close above the $158 resistance could pave the way for a sustained upward trend, targeting the next key resistance at $165. Further gains could propel the price towards the $180 level.
Possible Downside Correction for SOL?
If SOL is unable to break through the $154 resistance, a downward correction may ensue. Initial support lies near the $150 zone, with the first major support available at the $147 level.
A breakdown below the $147 level may drive the price toward the $145 zone and the 50% Fibonacci retracement level of the ascent from the $140 swing low to the $154 high. Should there be a close beneath the $145 support level, the price may decline further, potentially revisiting the $140 support in the short term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining strength within the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for SOL/USD remains above the 50 level, indicating continued bullish momentum.
Major Support Levels – $147 and $145.
Major Resistance Levels – $154 and $158.
