Solana climbed higher above the $140 resistance zone. SOL price is rising and might gain bullish momentum if it clears the $155 resistance.
SOL price is attempting a fresh increase above the $142 pivot level against the US Dollar.
The price is now trading above $148 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $147.50 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could gain bullish momentum if it breaks the $155 resistance zone.
Solana Price Regains Traction
Solana price climbed above the $138 and $140 levels. SOL gained pace after there was a close above the $145 resistance level, like Bitcoin and Ethereum. Finally, the bulls pushed the price above the $150 level.
A high was formed at $153.22 and the price is now consolidating gains. There was a minor pullback below the $152 level. The price tested the 23.6% Fib retracement level of the upward move from the $144.40 swing low to the $153.22 high.
Solana is now trading above $145 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $147.50 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $153.50 level. The next major resistance is near the $155 level. The main resistance could be $158.
A successful close above the $155 and $158 resistance levels could set the pace for another steady increase. The next key resistance is near $162. Any more gains might send the price toward the $175 level.
Another Decline in SOL?
If SOL fails to rise above the $155 resistance, it could start another decline. Initial support on the downside is near the $150 level. The first major support is near the $147.50 level or the trend line. It is close to the 61.8% Fib retracement level of the upward move from the $144.40 swing low to the $153.22 high.
A break below the $147.50 level might send the price toward the $144.50 zone. If there is a close below the $144.50 support, the price could decline toward the $138 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $147.50 and $144.40.
Major Resistance Levels – $155 and $162.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
