Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
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.
