Solana started a fresh increase from the $142 support zone. SOL price is now consolidating and might climb further above the $155 resistance zone.
- SOL price started a fresh increase above the $140 and $142 levels against the US Dollar.
- The price is now trading above $145 and the 100-hourly simple moving average.
- There is a short-term contracting triangle forming with resistance at $152 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $155 resistance zone.
Solana Price Consolidates Gains
Solana price formed a base above the $135 support and started a fresh increase, mirroring trends observed in major cryptocurrencies like Bitcoin and Ethereum. SOL gained pace for a move above the $140 and $142 resistance levels.
The pair even spiked toward the $155 resistance zone. A high was formed at $153.30 before there was a pullback, with the price dipping below $150. A low was established at $145, and the price has since entered a consolidation phase above the 23.6% Fib retracement level of the downward move from the $153.30 swing high to the $145.54 low.
Currently, Solana is trading below $152 and the 100-hourly simple moving average. A short-term contracting triangle is forming with resistance located at $152 on the hourly chart of the SOL/USD pair.
On the upside, the price is encountering resistance near the $149.50 level, with the next significant barrier around the $150 mark. The main resistance level could be at $152, coinciding with the 76.4% Fib retracement level of the recent downward movement.
A successful close above the $152 resistance zone could pave the way for further gains, with the next key resistance level identified at $155. Surpassing this level may propel the price toward the $165 mark.
Is a Downside Correction Possible for SOL?
Conversely, if SOL fails to breach the $150 resistance, it may initiate a decline. Initial support on the downside is near the $147 zone, followed by a key support level at $145.
A break below the $145 level could lead to a drop towards the $138 zone. Should there be a close below $138, the price may further decline towards the $132 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is currently below the 50 level.
Major Support Levels – $147 and $145.
Major Resistance Levels – $150 and $155.
