Solana is gaining pace above the $150 resistance zone. SOL price is rising and might aim for a fresh increase above the $158 resistance zone.
- SOL price started a fresh increase above the $150 zone against the US Dollar.
- The price is now trading above $152 and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $150 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could again gain bullish momentum if it clears the $158 resistance zone.
Solana Price Eyes More Upsides
Solana price extended its increase above the $150 resistance like Bitcoin and Ethereum. SOL even climbed above $155 before the bears appeared. A high was formed at $1582 and the price started a downside correction.
There was a move below the $156 and $155 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $146 swing low to the $158 high. However, the bulls were active near the $154 support zone.
Solana is now trading above $152 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $150 on the hourly chart of the SOL/USD pair. It is close to the 61.8% Fib retracement level of the upward move from the $146 swing low to the $158 high.
On the upside, the price is facing resistance near the $158 level. The next major resistance is near the $162 level. A successful close above the $158 and $162 resistance levels could set the pace for another steady increase. The next key resistance is near $174. Any more gains might send the price toward the $180 level.
More Downsides in SOL?
If SOL fails to rise above the $158 resistance, it could start another decline. Initial support on the downside is near the $153 level. The first major support is near the $150 level.
A break below the $150 level might send the price toward the $145 zone. If there is a close below the $145 support, the price could decline toward the $138 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $153 and $150.
Major Resistance Levels – $158 and $162.
Source: NewsBTC.com
