Solana is gaining bullish momentum above $150. SOL price is showing positive signs and may break above the $162 resistance level in the near term.
- SOL price started a new rise from the $138 support level against the US dollar.
- The price is currently trading above $150 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the SOL/USD pair (data source from Kraken), there is a connecting bullish trendline forming support at $140.
- If it breaks the $156 and $162 resistance levels, the pair could continue to rise.
Solana price begins a new rebound
Solana price formed a base above the $130 support zone and recently started a new rise. There was a significant increase above the $135 and $145 levels.
The price rose by almost 10% and, like Bitcoin and Ethereum, there was a move above the $150 level. The bulls pushed the price above the 76.4% Fib retracement level of the downward move from the $152.86 swing high to the $137.25 low.
Solana is currently trading above $150 and the 100 simple moving average (4-hours). There is also a connecting bullish trendline with support at $140 on the 4-hours chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
Immediate resistance is near the $156.50 level. The next major resistance is near the $162.50 level or the 1.618 Fib extension level for a downside move from the $152.86 swing high to the $137.25 low. A successful close above the $162.50 resistance could set the pace for another big rally. The next major resistance is near $175. If more profits are made, the price may drop to the $180 level.
Are Dips limited in SOL?
If SOL fails to rebound above the $162.50 resistance, a downward correction could begin. Initial support for the downside is near the $150 level.
The first major support is near the $142.00 level, below which the price may test $138.00 and the trendline. A close below the $138.00 support may cause the price to decline towards the $128.00 support or the 100 simple moving average (4-hours) in the near term.
technical indicators
4-Hour MACD – The MACD for SOL/USD is pacing in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $152.80 and $162.50.
Key resistance levels – $150, $142, $138.
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