Solana started a new rise above the USD 142 resistance. SOL price is up almost 8% and could continue to rise if the USD 150 resistance is cleared.
- SOL price recovered higher and tested the USD 150 resistance against the US dollar.
- The price is now trading above USD 1452 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trendline with resistance at $144 on the 4-hour chart of the SOL/USD pair (Kraken data source).
- The pair could overcome the USD 150 resistance unless it fails to hold above USD 146.
Solana Price has more positive aspects
Solana price formed a support base near the $138 level and started a new increase. SOL outperformed Bitcoin and Ethereum, moving into a positive zone above the $144 level.
There was a break above a key bearish trendline with resistance at $144 on the 4-hour chart of the SOL/USD pair. The pair even crossed the 50% Fib retracement level of the downward wave from the $154.40 swing high to the $138.00 low.
However, the bears are active near the key hurdle at $150. Solana is now trading above $145 and the 100 simple moving average (4 hours). Immediate resistance is near the $150 level or the 76.4% Fib retracement level of the downward wave from the $154.40 swing high to the $138.00 low.
The next major resistance is around the $155 level. A successful close above the $155 resistance could set the pace for another big move higher. 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 break above the USD 150 resistance, it could trigger another decline. Initial downside support is near the $146 level and the 100 simple moving average (4 hours).
The first major support is near the USD 142 level, below which the price could test USD 138. If there is a close below the USD 138 support, the price could fall towards the USD 125 support 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 – $146 and $142.
Major resistance levels – $150, $155 and $162.