Solana is gaining bullish momentum above $150. SOL price is showing positive signs and could even surpass the USD 162 resistance in the near term.
- SOL price started to rise again after the support at $138 against the US dollar.
- The price is now trading above $150 and the 100 simple moving average (4 hours).
- A connecting bullish trendline is forming with support at $140 on the 4-hour chart of the SOL/USD pair (Kraken data source).
- The pair could continue to rise if it overcomes the USD 156 and USD 162 resistance levels.
Solana Price starts new rally
Solana price formed a base above the USD 130 support zone and recently started a new increase. There was a decent increase above the USD 135 and USD 145 levels.
The price is up almost 10% and there was a move above the USD 150 level like Bitcoin and Ethereum. The bulls pushed the price above the 76.4% Fib retracement level of the downward move from the $152.86 swing high to the $137.25 low.
Solana is now trading above $150 and the 100 simple moving average (4 hours). A connecting bullish trendline is also forming with support at $140 on the 4-hour chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
Immediate resistance is near the $156.50 level. The next major resistance is near the $162.50 level or the 1.618 Fib extension level of the downward move from the $152.86 swing high to the $137.25 low. A successful close above the $162.50 resistance could set the pace for another big move higher. The next major resistance is near USD 175. Any further gains could send the price towards the USD 180 level.
Are the dips limited in SOL?
If SOL fails to break above the USD 162.50 resistance, a downside correction could occur. The initial downside support is near the USD 150 level.
The first major support is near the USD 142.00 level, below which the price could test USD 138.00 and the trend line. If there is a close below the $138.00 support, the price could fall towards the $128.00 support or the 100 simple moving average (4-hours) in the near term.
Technical indicators
4-hour MACD – The MACD for SOL/USD is gaining speed in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – $152.80 and $162.50.
Major resistance levels – $150, $142 and $138.
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