Optimistic ETF expectations drive Solana price higher

Recently, Solana’s price established a support base above $125 and rallied, breaking through multiple resistance points at $135 and $140. This surge pushed the SOL price up by more than 10%, allowing it to break through the $145 resistance level and outperform major cryptocurrencies such as Bitcoin and Ethereum.

The price reached as high as $150.93 and it is currently consolidating gains and trading close to the 23.6% Fibonacci retracement level of the upward move from the $135 low to $151 high.

Technical analysis and key support levels

Solana is currently trading well above the $142 level and the 100 hourly simple moving average. There is a bullish trend line formed on the hourly chart of the SOL/USD pair, which together with the $142 support, suggests strong buying interest. This trend line coincides with the 50% Fibonacci retracement level of its latest uptrend.

If the price rises again, it might face resistance near the $150 level, with the key resistance at $152. A successful close above $152 could set the stage for further gains that could potentially push the price towards the $162 level and subsequently to the $175 level.

Evaluating potential pullbacks in SOL

If Solana fails to break out of the $152 resistance, a correction is likely. An initial downside support is around $145.

The first notable support is at $142, which is connected to the trendline. A break below this level could trigger a test of the $140 support. If it declines further, the price could approach the $128 area in the near term.

Technical Indicators Review

Hourly MACD – The MACD for SOL/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for SOL/USD is above the 50 level, which shows strong buying power.

Major Support Levels – $145 and $142.

Major Resistance Levels – $152 and $162.

in conclusion

To summarize, Solana has shown strong upside momentum, driven by ETF optimism and strong technical support. Key levels to watch include $145 and $142, where a pullback may occur, while resistance at $152 and $162 may signal further gains. Investors should pay close attention to these key factors to effectively navigate the changing market dynamics.