Solana is gaining pace above the $150 resistance zone. SOL price is rising and could point to a further rise above the $158 resistance zone.
- SOL price started a new increase above the $150 zone against the US dollar.
- The price is now trading above $152 and the 100 hourly simple moving average.
- There is a bullish trendline forming with support at $150 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair may again gain bullish momentum if it surpasses the $158 resistance zone.
Solana Price sees more upside
Solana price extended its rise above $150 resistance as Bitcoin and Ethereum. SOL rose above $155 before the bears appeared. A high was formed at $1,582 and the price began a negative correction.
There was a move below the $156 and $155 levels. The price fell below the 23.6% Fibonacci retracement level of the upward move from the $146 swing low to the $158 high. bulls were active near the $154 support zone.
Solana is now trading above $152 and the 100 hourly simple moving average. There is also a bullish trendline forming with support at $150 on the hourly chart of the SOL/USD pair. It is near the 61.8% Fibonacci retracement level of the upward move from the $146 swing low to $158 high.
On the upside, the price faces resistance near the $158 level. The next major resistance is near the $162 level. A successful close above the $158 and $162 resistance levels could set the pace for another steady increase. The next key resistance is near $174. Any further gains could send the price towards the $180 level.
More disadvantages in SOL?
If SOL fails to rise above the $158 resistance, it could begin another decline. Initial downside support is near the $153 level. The first major support is near the $150 level.
A break below the $150 level could send the price towards the $145 zone. If there is a close below the $145 support, the price could fall towards the $138 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $153 and $150.
Main resistance levels – $158 and $162.