Solana started a new increase above the $140 zone. SOL price is now consolidating above USD 140 and could aim for more gains above the USD 145 zone.
- SOL price started a new upward move above the USD 140 and USD 142 levels against the US dollar.
- The price is now trading above $140 and the 100-hour moving average.
- A bullish trendline is forming with support at $138 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could extend gains if it breaks the $145 resistance zone.
Solana price outperforms Bitcoin
Solana price started a decent increase after it broke above the $132 zone and outperformed Bitcoin and Ethereum. SOL climbed above the USD 138 level and entered a positive short-term zone.
The price even broke the USD 140 resistance. The bulls managed to push the price above $142. A high was reached at $144, and the price is now consolidating gains above the 23.6% Fib retracement level from the recent upward move from the $135 swing low to the $144 high.
Solana is now trading above $142 and the 100-hour moving average. Furthermore, a bullish trendline is forming with support at $138 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance around $144. The next major resistance is around the $145 level. The main resistance could be at USD 150. A successful close above the $150 resistance zone could set the pace for another steady rise. The next major resistance is $162. Any further gains could send the price towards the USD 170 level.
Downward correction in SOL?
If SOL fails to rise above the USD 145 resistance, it could trigger another decline. The initial downside support is near the $142 zone. The first major support is near the $140 level or the 50% Fib retracement level of the recent upward move from the $135 swing low to the $144 high.
A break below the $140 level could send the price towards the $138 support zone and the trendline. If there is a close below the $138 support, the price could fall towards the $132 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 140 and USD 138.
Major resistance levels – $145 and $150.