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.
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.