Solana (SOL) Breaks Free from Resistance Zone as Rally Momentum Grows

Solana has embarked on a notable upward trend, surpassing the $142 mark. The SOL price is currently stabilizing above $142 and may pursue further increases beyond the $150 threshold.

Key Takeaways

SOL price initiated a significant rise above the $142 and $145 levels against the US Dollar.
The price is established above $142 and the 100-hourly simple moving average, indicating bullish momentum.
A bullish trend line is taking shape, offering support around $140 on the hourly chart for the SOL/USD pair (data sourced from Kraken).
Further gains could occur if SOL surpasses the $150 resistance level.

Solana (SOL) Breaks Free from Resistance Zone

Solana Begins New Uptrend

The price of Solana surged after it established a base above the $135 zone, following the upward motions of Bitcoin and Ethereum. SOL climbed past the $140 level, officially entering a favorable short-term zone.

The price managed to break above the $142 resistance and was further propelled by bullish activity, exceeding $145. It reached a peak of $148 and is now in the process of consolidating these gains. There was a slight dip below the 23.6% Fibonacci retracement level from the recent surge that began at the $138 low and peaked at $148.

Currently, Solana is trading above the $142 mark as well as the 100-hourly simple moving average. Additionally, a bullish trend line is developing with solid support positioned at $140 on the hourly chart of the SOL/USD pair.

Solana Price Chart
Source: SOLUSD on TradingView.com

On the higher end, the price is encountering resistance at approximately $148. The next significant resistance level is around $150, with the major resistance target set at $155. If the price manages to close above the $155 resistance, it could pave the way for another sustained increase. The subsequent key resistance level to watch is $162, and any additional gains could propel the price toward the $170 level.

Could There Be a Downward Correction for SOL?

Should SOL struggle to breach the $148 resistance, it may trigger another decline. Initial downward support lies around the $144 area. The first major support is situated near the $143 level, which corresponds to the 50% Fibonacci retracement of the most recent ascent from the $138 swing low to the $148 high.

If the price dips below the $143 level, it could lead to a drop towards the $140 support zone and the trend line. A closure beneath the $140 support may allow the price to drop further to the $135 support level in the near future.

Technical Indicators

Hourly MACD: The MACD for SOL/USD is currently gaining momentum in the bullish territory.
Hourly RSI (Relative Strength Index): The RSI for SOL/USD is above the 50 mark.
Major Support Levels: Located at $144 and $140.
Major Resistance Levels: Present at $148 and $150.