Solana started a fresh increase above the $142 resistance. SOL price is up nearly 8% and it is likely to continue rising if it clears the $150 resistance.
Solana price formed a support near $138 and started a fresh increase. SOL outperformed Bitcoin and Ethereum and moved into a positive zone above $144.
There was a break above a key bearish trend line with resistance at $144 on the 4-hours chart of the SOL/USD pair. The pair even cleared the 50% Fib retracement level of the downside wave from the $154.40 swing high to $138.00 low.
However, the bears are active near the $150 critical mark. Solana is currently trading above $145 and the 100 simple moving average (4-hours). An immediate resistance is near $150, which is the 76.4% Fibonacci retracement level of the downtrend from the $154.40 swing high to $138.00 low.
The next major resistance is near the $155 level. A successful close above the $155 resistance could set the stage for another sharp rise. The next key resistance is near the $162 level. Further gains could carry the price towards the $175 level.
SOL drops again?
If SOL fails to rebound above the $150 resistance, it could start another decline. An initial support on the downside is near the $146 level and the 100 simple moving average (4-hours).
The first major support is near the $142 level, below which the price could test $138. If there is a close below the $138 support, the price could drop towards the $125 support level in the near term.
Technical indicators
Major Support Levels – $146 and $142.
Major Resistance Levels – $150, $155 and $162.
(Personal opinion, not a recommendation)
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