Solana is gaining speed above the $150 resistance zone. SOL price is rising and could target a fresh rally above the $158 resistance zone.
- SOL price started a new rise above the $150 area against the US dollar.
- The price is currently trading above $152 and the 100-hour simple moving average.
- The hourly chart of the SOL/USD pair shows a major bullish trendline with support at $150 (data source from Kraken).
- A break above the $158 resistance zone could bring back bullish momentum.
Solana Price looks for more upside
Solana’s price expanded beyond the $150 resistance line like Bitcoin or Ethereum. SOL rose above $155 even before the downtrend began. A high was formed at $1582 and the price began a downward correction.
There was movement below the $156 and $155 levels. The price fell below the 23.6% Fib retracement level, rising from the $146 swing low to the $158 high. However, the bulls remained active near the $154 support zone.
Solana is currently trading at $152 and above the 100-hour simple moving average. On the hourly chart of the SOL/USD pair, there is also a major bullish trendline with support at $150. This is close to the 61.8% Fib retracement level of the rise from the $146 swing low to the $158 high.
On the other hand, the price is finding resistance near $158. The next major resistance is near the $162 level. A successful close above the $158 and $162 resistance levels could set another steady upward pace. The next major resistance is near $174. If more profits are made, the price may drop to the $180 level.
Are there any more downsides to SOL?
If SOL fails to rise above the $158 resistance, it could begin another downtrend. Initial support for the downside is near the $153 level. The first major support is near the $150 level.
A drop below the $150 level could cause the price to move towards the $145 area. If the price closes below the $145 support, the price may decline towards the $138 support in the near term.
technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $153 and $150.
Key resistance levels – $158 and $162.