Solana started a fresh increase from the $132 support zone. SOL price is now consolidating and might climb further above the $155 resistance zone.
SOL price started a fresh increase above the $135 and $150 levels against the US Dollar.
The price is now trading above $150 and the 100-hourly simple moving average.
There is a connecting bullish trend line forming with support at $150 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $155 resistance zone.
Solana Price Gains Over 10%
Solana price formed a base above the $132 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $135 and $145 resistance levels.
The pair even spiked toward the $150 resistance zone. A high was formed at $154.55 and the price is now consolidating gains. There was a minor move below the 23.6% Fib retracement level of the upward move from the $145 swing low to the $155 high.
Solana is now trading above $150 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $150 on the hourly chart of the SOL/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $145 swing low to the $155 high.
On the upside, the price is facing resistance near the $154 level. The next major resistance is near the $155 level. The main resistance could be $162. A successful close above the $162 resistance zone could set the pace for another steady increase. The next key resistance is $175. Any more gains might send the price toward the $180 level.
Pullback in SOL?
If SOL fails to rise above the $155 resistance, it could start another decline. Initial support on the downside is near the $150 zone. The first major support is near the $145 level.
A break below the $145 level might send the price toward the $138 zone. If there is a close below the $138 support, the price could decline toward the $132 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $150 and $145.
Major Resistance Levels – $155 and $162.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
