Solana started a new rise above the $150 resistance. SOL price is up almost 15% and could continue to rise if it overcomes $165 resistance.
- SOL price recovered higher and tested $162 resistance against the US dollar.
- The price is currently trading above $150 and the 100-hour simple moving average.
- On the hourly chart of the SOL/USD pair (data source from Kraken), a breakout occurred above the main bearish trendline with resistance at $148.
- Failure to hold above $158 could lead to removal of the $165 resistance level.
Solana price begins new surge
Solana price formed a support base near $138 and started a new rise. SOL has moved into positive territory above the $150 level, outperforming Bitcoin and Ethereum.
On the hourly chart of the SOL/USD pair, a breakout occurred above the main bearish trend line with resistance at $148. The pair even met resistance at $155 and surged above $162. A new weekly high was set at $163.76 and the price is currently on an upward trend.
It remains above the 23.6% Fib retracement level, rising from the $141 swing low to the $164 high. Solana is currently trading above $160 and the 100 simple moving average (4-hours).
Immediate resistance is near the $165 level. The next major resistance is near the $172 level. A successful close above the $172 resistance could set the pace for another big rally. The next major resistance is near $180. If more profits are made, the price may rise to the $188 level.
Are Dips supported in SOL?
If SOL fails to rebound above the $160 resistance, a downward correction could begin. Initial support for the downside is near the $158 level. The first major support is near the $152 level.
The 50% Fib retracement level of the $141 swing low to $164 high is also $152, below which the price may test $150. If the price closes below the $150 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 – $158 and $152.
Key resistance levels – $165, $172, $180.