Solana (SOL) Gains Momentum, Sparking Discussions of Potential Upsurge

Solana has begun a new upward trend, moving past the $136 mark. Currently, SOL is stabilizing above $138 and could be heading for further increases over the $142 threshold.

Key Takeaways

Solana's price recently initiated a significant rise above both the $136 and $138 marks against the US Dollar.
Currently, the SOL price is positioned above $138 and the 100-hourly simple moving average.
An upward breakthrough has occurred above a bearish trend line at the $137 resistance on the hourly chart for the SOL/USD pair (data sourced from Kraken).
The pair has the potential to continue rising if it successfully surpasses the $142 resistance level.

Solana (SOL) Gains Momentum

Solana's Price Bounces Back

After a correction from the $144 peak, Solana's price has stabilized over the $130 mark, outperforming Bitcoin and Ethereum. The SOL coin registered a low around $132 and subsequently entered a fresh upward trajectory.

The price surged above $135, entering a positive short-term zone. It exceeded the 50% Fibonacci retracement level, recovering from the downturn that began at the $143 high and dipped to the $132 low. Additionally, the price broke through a bearish trend line at the $137 resistance level observed on the hourly SOL/USD chart.

Currently, Solana trades above $138 and the 100-hourly simple moving average. However, the price encounters resistance near the $140 mark and the 76.4% Fibonacci retracement level of the prior downturn from $143 to $132. The next significant resistance hurdle lies near $142.

Solana Price
Source: SOLUSD on TradingView.com

The key resistance level could be $145. A successful close above this zone could set the stage for a sustained rise. The following notable resistance level is $150, and any additional gains may propel the price towards $155.

Could SOL Experience Another Decline?

Should SOL fail to breach the $140 resistance, a new decline might occur. Initial support appears to lie near the $138 zone, while the first significant support is around the $135 mark.

A dip below the $135 level might push the price down to the $132 support area. If the price closes beneath the $132 level, it could decline further to the $124 support in the near future.

Technical Indicators

Hourly MACD: The MACD for the SOL/USD pair is showing strength in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI remains above the 50 threshold for SOL/USD.
Major Support Levels: Positioned at $138 and $135.
Major Resistance Levels: Set at $140 and $142.