Solana is gaining pace above the USD 150 resistance zone. SOL price is rising and could aim for another rise above the USD 158 resistance zone.
- The SOL price started a new increase above the $150 zone against the US dollar.
- The price is now trading above USD 152 and the 100-hour moving average.
- A major bullish trendline is forming with support at $150 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could regain bullish momentum if it crosses the $158 resistance zone.
Solana Price has more positive aspects
Solana price extended its rise above the USD 150 resistance like Bitcoin and Ethereum. SOL even climbed above $155 before the bears appeared. A high was formed at $1582 and the price started a downward correction.
There was a move below the USD 156 and USD 155 levels. The price fell below the 23.6% Fib retracement level of the upward move from the $146 swing low to the $158 high. However, the bulls were active near the $154 support zone.
Solana is now trading above $152 and the 100-hour moving average. There is also a major bullish trendline forming with support at $150 on the hourly chart of the SOL/USD pair. It is close to the 61.8% Fib retracement level of the upward move from the $146 swing low to the $158 high.
On the upside, the price is facing resistance around the $158 level. The next major resistance is around the $162 level. A successful close above the USD 158 and USD 162 resistance levels could set the pace for another steady rise. The next major resistance is near $174. Any further gains could send the price towards the USD 180 level.
More disadvantages in SOL?
If SOL fails to rise above the USD 158 resistance, it could trigger a fresh decline. The initial downside support is near the $153 level. The first major support is near the $150 level.
A break below the USD 150 level could send the price towards the USD 145 zone. If there is a close below the USD 145 support, the price could fall towards the USD 138 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – USD 153 and USD 150.
Major resistance levels – $158 and $162.