Solana started a new increase above the USD 150 resistance. SOL price is up almost 15% and could continue to rise if the USD 165 resistance is cleared.
- SOL price recovered higher and tested the USD 162 resistance against the US dollar.
- The price is now trading above $150 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance at $148 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could overcome the USD 165 resistance unless it fails to hold above USD 158.
Solana price starts new increase
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 $150 level.
There was a break above a key bearish trendline with resistance at $148 on the hourly chart of the SOL/USD pair. The pair even reached resistance at $155 and peaked above $162. A new weekly high was set at $163.76, and the price is now consolidating gains.
It holds the 23.6% Fib retracement level of the upward move from the $141 swing low to the $164 high. Solana is now trading above $160 and the 100 simple moving average (4 hours).
The immediate resistance is near the $165 level. The next major resistance is around the $172 level. A successful close above the $172 resistance could set the pace for another big move higher. The next major resistance is near USD 180. Any further gains could send the price towards the USD 188 level.
Are dips supported in SOL?
If SOL fails to break above the USD 160 resistance, a downside correction could occur. The initial downside support is near the $158 level. The first major support is near the $152 level.
The 50% Fib retracement level of the upward move from the $141 swing low to the $164 high is also at $152, below which the price could test $150. If there is a close below the USD 150 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 – $158 and $152.
Major resistance levels – $165, $172 and $180.