Solana surged above the $140 resistance zone. SOL price is rising and could gain bullish momentum if it clears the $155 resistance.
SOL price is attempting to rise above the $142 pivot level against the US Dollar.
The price is currently trading above the $148 level and the 100 hourly simple moving average.
There is a key bullish trend line forming with support at $147.50 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could rally if it breaks the $155 resistance zone.
Solana Price regains appeal
Solana price rallied above the $138 and $140 levels. SOL accelerated after closing above the $145 resistance, similar to Bitcoin and Ethereum. Eventually, buyers pushed the price above the $150 level.
A high was formed at $153.22 and the price is currently consolidating the increase. There was a minor pullback below $152. The price tested the 23.6% Fib retracement level of the upward move from the $144.40 swing low to $153.22 high.
Solana is currently trading above $145 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $147.50 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near $153.50. The next major resistance is near $155. The main resistance could be at $158.
A successful close above the $155 and $158 resistance levels could set the stage for another steady increase. The next key resistance is near $162. Any further gains could push the price towards $175.
Another SOL decline?
If SOL fails to clear the $155 resistance, it could start another decline. The initial support on the downside is near the $150 level. The first major support is near the $147.50 level or the trend line. It is close to the 61.8% Fib retracement level of the upward move from the $144.40 low to $153.22 high.
A break below $147.50 could push the price towards the $144.50 area. A close below the $144.50 support could see the price decline towards the $138 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for SOL/USD is above the 50 level.
Major support levels – $147.50 and $144.40.
Major resistance levels – $155 and $162.