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)

In the crypto industry, if you want to seize the next bull market opportunity, you need to have a high-quality circle and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry. Follow the homepage~

If you like it, please follow us for more articles.

Thanks for reading! See you next time!