Solana (SOL) Sees Strong Momentum, Eyes a Critical Resistance Level

Solana has initiated a substantial increase, breaking past the $140 mark. The price is now stabilizing above $140 and may seek further gains beyond the $145 threshold.

Key Takeaways

SOL's price began rising above the $140 and $142 levels against the US Dollar.
Currently, it is trading above $140 and surpassing the 100-hourly simple moving average.
A bullish trend line is forming with support at $138 on the hourly chart of the SOL/USD pair (data sourced from Kraken).
Further gains could occur if SOL breaches the $145 resistance zone.

Solana (SOL) Sees Strong Momentum

Solana Outperforms Bitcoin

The price of Solana experienced a notable increase after it established itself above the $132 level, outperforming both Bitcoin and Ethereum. SOL successfully rose above the $138 level, entering a short-term bullish phase. The price exceeded the $140 resistance, with bulls pushing it up to $142. A peak was reached at $144, after which the price began consolidating gains above the 23.6% Fibonacci retracement level from the recent rally that started at $135 and peaked at $144.

Solana is currently trading above $142 and the 100-hourly simple moving average. Additionally, a bullish trend line is forming with support at $138 on the hourly chart for SOL/USD.

Solana Price
Source: SOLUSD on TradingView.com

On the upside, resistance is encountered near $144, with the next significant resistance at $145. A pivotal resistance level to watch is $150; if the price can successfully close above this zone, it could trigger a sustained upward movement. The subsequent resistance level to monitor would be $162, and additional gains may push the price toward the $170 mark.

Potential Downside Correction for SOL?

Should SOL fail to breach the $145 resistance, it risks initiating another decline. The initial support level lies around $142, with the first major support appearing near the $140 threshold or the 50% Fibonacci retracement level from the uptrend starting at $135 and hitting $144.

A drop below the $140 level could bring the price down to the $138 support zone along with the trend line. If the price closes below the $138 support, it may decline towards the $132 level in the near future.

Technical Indicators

Hourly MACD: The MACD for SOL/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for SOL/USD currently stands above the 50 level.

Major Support Levels

$140
$138

Major Resistance Levels

$145
$150