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Solana started a steady increase above the $135 zone. SOL price broke the $150 resistance and is now consolidating gains.
■ SOL price started a decent upward move above the $135 resistance against the US Dollar.
■ The price is now trading above $145 and the 100-hourly simple moving average.
■ There is a connecting bullish trend line forming with support at $147 on the hourly chart of the SOL/USD pair (data source from Kraken).
■ The pair could correct lower, but the bulls might remain active near $147 or $143.
Solana Price Jumps Over 5%
Solana price managed to start a fresh increase above the $125 pivot level. SOL gained pace for a move above the $132 and $135 resistance levels, like Bitcoin and Ethereum.
The price even cleared the $145 resistance and surpassed the $150 hurdle. A high was formed at $152.05 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $134 swing low to the $152 high.
Solana is now trading above the $145 level and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $147 on the hourly chart of the SOL/USD pair.
On the upside, the price might face resistance near the $152 level. The next major resistance is near the $155 level. A successful close above the $155 resistance could set the pace for another steady increase. The next key resistance is near $165. Any more gains might send the price toward the $172 level.
Are Dips Limited in SOL?
If SOL fails to rise above the $152 resistance, it could start a downside correction. Initial support on the downside is near the $150 level. The first major support is near the $147 level and the trend line.
A break below the $147 level might send the price toward $143 or the 50% Fib retracement level of the upward move from the $134 swing low to the $152 high. If there is a close below the $143 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 and $143.
Major Resistance Levels – $152 and $155.
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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.
