Solana Price (SOL) Gears Up for Fresh Surge: Is More Upside Ahead?
Solana is holding the $140 support zone. SOL price is rising and might aim for a fresh increase above the $152 resistance zone.
- SOL price started a fresh increase from the $142 zone against the US Dollar.
- The price is now trading near $1465 and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $148 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $152 resistance zone.
Solana Price Eyes Fresh Surge
Solana price extended its increase above the $142 resistance like Bitcoin and Ethereum. SOL even spiked above $150 before the bears appeared. A high was formed at $152 and the price started a downside correction.
There was a move below the $148 and $145 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $127 swing low to the $152 high. However, the bulls were active near the $142 support zone.
The price is stable above the 50% Fib retracement level of the upward move from the $127 swing low to the $152 high. Solana is now trading near $146 and the 100-hourly simple moving average.
On the upside, the price is facing resistance near the $148 level. There is also a connecting bearish trend line forming with resistance at $148 on the hourly chart of the SOL/USD pair. The next major resistance is near the $152 level.
A successful close above the $150 and $152 resistance levels could set the pace for another steady increase. The next key resistance is near $164. Any more gains might send the price toward the $172 level.
Another Decline in SOL?
If SOL fails to rise above the $148 resistance, it could start another decline. Initial support on the downside is near the $144 level. The first major support is near the $142 level.
A break below the $142 level might send the price toward the $134 zone. If there is a close below the $134 support, the price could decline toward the $128 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 $142 and $134.
Major Resistance Levels $148 and $152.
Source: NewsBTC.com
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