Key Takeaways:
SOL price is consolidating above the key support at $120.
A major bearish trend line is forming with resistance at $150 on the daily chart.
Solana seems to be preparing for a fresh surge above $150 and the 50-day simple moving average (blue).
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NEW DELHI (CoinChapter.com) — Solana (SOL) is signaling a base formation above the $120 support zone. The bulls must push the price above $150 and $155 to start a fresh rally.
Solana Price Eyes Key Upside Break Above $150
In the last technical analysis, we discussed why Solana price might struggle to clear the $155 resistance and the 50-day simple moving average (blue). It failed to clear $155 and reacted to the downside. However, the bears failed again to push the price below the $120 support.
A low was formed at $121.22 and the price started a decent recovery wave, like Bitcoin. There was a break above the $130 and $132 resistance levels. SOL price climbed above the 50% Fib retracement level of the downward move from the $155.11 swing high to the $121.22 low.
Solana price daily chart | Source: SOL/USD on TradingView.com
The current price action is positive, and the last three daily candles signal a decent recovery momentum. However, there are a couple of major hurdles for Solana bulls.
Immediate resistance sits near the $148 level and the 76.4% Fib retracement level of the downward move from the $155.11 swing high to the $121.22 low. The first major resistance sits near the $150 level. There is also a bearish trend line forming with resistance at $150 and the 50-day simple moving average (blue).
A successful daily close above the trend line resistance and the 50-day simple moving average (blue) could set the stage for a fresh surge. The next major resistance is at $155, above which the bulls might aim for $172. Any more gains might send SOL toward the $188 level.
Recently, Solana introduced ‘Blink Build Days’ to learn the basics of blinks and test new ideas. Anyone can participate, attend a meetup in their nearest city, and even volunteer to host one.
Introducing Blink Build Days – IRL meetups to learn the basics of blinks and Solana Actions. Test out new ideas and use cases. Work through in-depth guides. Learn alongside devs in your neighborhood.Find the closest one to you (or volunteer to host your own) pic.twitter.com/g2HAVQv6fX
— Solana (@solana) July 5, 2024
SOL To Face Another Rejection?
Conversely, Solana might fail to clear the $150 resistance and react to the downside. Immediate support is near the $138 level. The first major support is seen near $125 and the recent breakout zone.
The next major support is near the trend line and $120. A downside break and close below the $120 support could spark heavy bearish moves. In the stated case, the price might decline toward the $102 support level.
Overall, the SOL price is attempting a decent recovery wave above the $140 level. Having said that, Solana must surpass $150 and $155 to continue higher in the coming days.
The post Solana Price (SOL) Primed for a Fresh Surge: What Could Hold It Back?” appeared first on CoinChapter.