Solana (SOL) is making significant strides above the $150 resistance zone. The price of SOL is on the rise and may be poised for a fresh increase above the $158 resistance level.
- SOL price initiated a fresh surge above the $150 zone against the US Dollar.
- The price is currently trading above $152 and the 100-hourly simple moving average.
- A key bullish trend line is forming with support at $150 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $158 resistance zone.
Solana Price Eyes More Upsides
Solana’s price extended its ascent above the $150 resistance, mirroring the movements of Bitcoin and Ethereum. SOL even surged past $155 before encountering resistance. The price peaked at $158, prompting a subsequent downside correction.
There was a brief dip below the $156 and $155 levels. The price also fell beneath the 23.6% Fibonacci retracement level of the upward move from the $146 swing low to the $158 high. Nevertheless, bullish activity remained strong around the $154 support zone.
Currently, Solana is trading above $152 and the 100-hourly simple moving average. Additionally, a pivotal bullish trend line with support at $150 is forming on the hourly chart of the SOL/USD pair. This trend line aligns closely with the 61.8% Fibonacci retracement level of the upward move from the $146 swing low to the $158 high.
Potential Upside Moves
On the upside, SOL is facing resistance around the $158 level. The next significant resistance appears near $162. A successful close above the $158 and $162 resistance levels could pave the way for another steady increase. The subsequent key resistance level is near $174, and further gains could push the price toward the $180 level.
More Downsides in SOL?
If SOL fails to break above the $158 resistance, it could initiate another downward trend. Initial support on the downside can be found near the $153 level, with the first major support situated around $150.
A break below the $150 level might send the price toward the $145 zone. Should the price close below the $145 support, a decline toward the $138 support level could be expected in the near term.
Technical Indicators
- Hourly MACD: The MACD for SOL/USD is gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for SOL/USD is above the 50 level.
- Major Support Levels: $153 and $150.
- Major Resistance Levels: $158 and $162.
