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Home»EXCHANGE NEWS»SOL prices are showing strength again. Can Solana regain $150 and continue rising?
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SOL prices are showing strength again. Can Solana regain $150 and continue rising?

By Crypto FlexsMay 14, 20242 Mins Read
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SOL prices are showing strength again.  Can Solana regain 0 and continue rising?
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Solana broke the $142 resistance level and started a new rally. SOL price is up nearly 8% and could continue rising if it overcomes $150 resistance.

  • SOL price regained its upward momentum and tested the $150 resistance against the US dollar.
  • The price is currently trading above $1452 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the SOL/USD pair, a major bearish trend line was broken above the resistance level of $144 (data source from Kraken).
  • Failure to hold above $146 could overcome the $150 resistance level.

Solana Price looks for more upside

Solana price formed a support base near $138 and started a new rise. SOL outperformed Bitcoin and Ethereum and moved into positive territory above the $144 level.

On the 4-hours chart of the SOL/USD pair, a major bearish trend line was broken above the resistance level of $144. The pair also cleared the 50% Fib retracement level of the downward wave from the $154.40 swing high to the $138.00 low.

However, the bears are active near the key hurdle of $150. Solana is currently trading above $145 and the 100 simple moving average (4-hours). Immediate resistance is near the $150 level or the 76.4% Fib retracement level of the bearish wave from the $154.40 swing high to the $138.00 low.

Source: SOLUSD on TradingView.com

The next major resistance is near the $155 level. A successful close above the $155 resistance could set the pace for another big rally. The next major resistance is near $162. Any more profits could push the price down to the $175 level.

Another decline in SOL?

If SOL fails to rebound above the $150 resistance, it could begin another downtrend. Initial support for the downside is near the $146 level and the 100 simple moving average (4-hours).

The first major support is near the $142 level, below which $138 could be tested. If the price closes below the $138 support, the price may decline towards the $125 support 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 – $146 and $142.

Key resistance levels – $150, $155, $162.

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