Solana started a new increase above the $142 resistance. SOL price is up almost 8% and could continue to rise if it overcomes the $150 resistance.
- SOL price recovered higher and tested the $150 resistance against the US Dollar.
- The price is now trading above $1,452 and the 100 simple moving average (4-hours).
- There was a break above a downtrend line with resistance at $144 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair may overcome the $150 resistance unless it fails to stay above $146.
Solana Price sees more upside
Solana price formed a support base near the $138 level and started a new increase. SOL outperformed Bitcoin It is Ethereum and moved to a positive zone above the $144 level.
There was a break above a downtrend line with resistance at $144 on the 4-hour chart of the SOL/USD pair. The pair even surpassed the 50% Fibonacci retracement level of the descending wave from the swing high of $154.40 to the low of $138.00.
However, bears are active near the key hurdle of $150. Solana is now trading above $145 and the 100 simple moving average (4-hours). Immediate resistance is near the $150 level or the 76.4% Fibonacci retracement level of the descending wave from the $154.40 swing high to $138.00 low.
![SOL price regains strength, can Solana recover $150 and continue rising? 1 Solana Sol Price](https://thegurumedia.com/wp-content/uploads/2024/05/Solana_b732fc.png)
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 key resistance is near $162. Any further gains could send the price towards the $175 level.
Another decline in SOL?
If SOL fails to rise above the $150 resistance, it could begin another decline. Initial downside support is near the $146 level and the 100 simple moving average (4-hours).
The first major support is near the $142 level, below which the price could test $138. If there is a close below the $138 support, the price could fall towards the $125 support in the short term.
Technical Indicators
4-hour MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $146 and $142.
Main resistance levels – $150, $155 and $162.