Solana climbed higher above the USD 140 resistance zone. SOL price is rising and could gain bullish momentum if the USD 155 resistance is cleared.
- The SOL price is trying to make a fresh move above the $142 pivot level against the US dollar.
- The price is now trading above USD 148 and the 100-hour moving average.
- A major bullish trendline is forming with support at $147.50 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could gain bullish momentum if it breaks the $155 resistance zone.
Solana Price regains traction
Solana price climbed above the USD 138 and USD 140 levels. SOL gained speed after a close above the $145 resistance level, like Bitcoin and Ethereum. Finally, the bulls pushed the price above the USD 150 level.
It reached a high at $153.22 and the price is now consolidating gains. There was a small pullback below the $152 level. The price tested the 23.6% Fib retracement level of the upward move from the $144.40 swing low to the $153.22 high.
Solana is now trading above $145 and the 100-hour moving average. There is also a major bullish trendline forming with support at $147.50 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance around the $153.50 level. The next major resistance is around the $155 level. The key resistance could be at $158.
A successful close above the USD 155 and USD 158 resistance levels could set the pace for another steady rise. The next major resistance is near $162. Any further gains could send the price towards the USD 175 level.
Another drop in the SOL?
If SOL fails to rise above the USD 155 resistance, it could trigger another decline. The initial downside support is near the USD 150 level. The first major support is near the $147.50 level or trendline. It is close to the 61.8% Fib retracement level of the upward move from the $144.40 swing low to the $153.22 high.
A break below the USD 147.50 level could send the price towards the USD 144.50 zone. If there is a close below the $144.50 support, the price could fall towards the $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 – $147.50 and $144.40.
Major resistance levels – $155 and $162.