In recent trading sessions, Solana has shown promising strength, rising above the crucial $140 resistance area. The SOL price is currently on an upward trajectory, with potential for further bullish momentum if it successfully surpasses the $155 resistance level.
Key Highlights of Solana’s Price Movement
- Solana’s price is attempting a renewed increase above the $142 pivot level against the US Dollar.
- The current trading price is above $148, along with the 100-hour simple moving average.
- A significant bullish trend line is forming with support at $147.50 on the hourly chart of the SOL/USD pair, sourced from Kraken data.
- The pair could gain bullish momentum if it breaks through the $155 resistance zone.
Solana Price Regains Traction
Solana’s price has successfully climbed above the $138 and $140 marks, gaining momentum as it closed above the $145 resistance level, similar to Bitcoin and Ethereum’s movements. The bulls have managed to push the price even higher, surpassing the $150 benchmark.
A recent peak was observed at $153.22, and since then, the price has been consolidating its gains. A minor pullback occurred, bringing the price below the $152 level. During this pullback, the price tested the 23.6% Fibonacci retracement level, calculated from the upward move starting at the $144.40 swing low to the $153.22 high.
Currently, Solana is trading above $145 and is well-positioned above the 100-hour simple moving average. Additionally, a key bullish trend line is developing, providing support around $147.50 on the hourly chart of the SOL/USD pair.
On the upside, resistance is anticipated near the $153.50 level, with the subsequent major resistance level around $155. Should the price successfully close above the $155 and $158 resistance levels, it may pave the way for a continued upward trend. The next significant resistance is projected to be near $162, with further gains potentially propelling the price towards the $175 mark.
Potential for Another Decline in SOL?
In the event Solana fails to overcome the $155 resistance, there could be a possibility of another price decline. The initial downside support is positioned near the $150 level, with the first major support around $147.50, in alignment with the trend line. The support closely corresponds to the 61.8% Fibonacci retracement level of the upward move from the $144.40 swing low to the $153.22 high.
A dip below the $147.50 level might lead the price towards the $144.50 zone. Should there be a decisive close below the $144.50 support, the price could further decline towards the $138 support level in the near future.
Technical Indicators Overview
The technical indicators provide a deeper insight into Solana’s market dynamics:
- Hourly MACD: The MACD for SOL/USD is gaining momentum in the bullish zone, suggesting a positive outlook.
- Hourly RSI (Relative Strength Index): The RSI for SOL/USD is positioned above the 50 level, reinforcing the bullish sentiment.
Major Support and Resistance Levels
- Key Support Levels: $147.50 and $144.40.
- Key Resistance Levels: $155 and $162.
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